26 June 2012

Nigeria: Sovereign Trust Insurance Trains Directors

Sovereign Trust Insurance Plc has trained its non-executive directors who do not have insurance background.

Managing Director of the company, Mr. Wale Onaolapo, speaking at the flagoff of the training said the training is key because of the dynamics of the insurance business both at the local and the international market.

The participants included the Chairman of the company, Chief Ephraim F. Faloughi, Mrs. Adefemi A. Taire, Mr. Kolapo Lawson, Professor Steve Azaiki, and Col. Musa Shehu, (Rtd) who is an independent director.

"Apart from providing insights to the participants on the business of insurance, the one-day seminar also exposed them to the special nature of insurance contracts, principles and concepts while at the same time, make the Directors aware of the extent of their oversight responsibilities and liabilities associated with insurance business.

"Another major highlight of the seminar was to ensure that the participants are able to formulate policies that are based on sound insurance principles and other provisions of the insurance law for the smooth day-to-day running of the business by management" the CEO said.

Speaking on behalf of the participants, Chief Ephraim F. Faloughi, lauded the initiative, saying: "The importance of insurance appreciation for non-insurance practitioners, especially stakeholders of the business, cannot be over-emphasized considering the ever-evolving operating standards and principles of the underwriting business in the country at the moment".

He urged other insurance companies in the country to emulate such initiatives in deepening the quality of the human capital base both at the operational and stakeholders' levels."

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