The Nigerian Insurance Association (NIA) has reaffirmed its commitment to lawful engagement and due process in response to an ongoing investigation into alleged financial infractions involving some of its member companies.

The investigation is being done by the House of Representatives Committee on Capital Market and Institutions.

In a statement, the association’s Director-General, Mrs. Bola Odukale, stated that matters under review relate to key industry practices, including financial reporting, claims settlement, premium remittance, and policy issuance. While recognising the authority of the legislative committee to conduct oversight functions, Odukale emphasised that its response to the investigation is being guided strictly by legal counsel.

“All actions taken by the NIA and affected member companies were based entirely on legal advice from our solicitors,” she said.

“It was on that basis that we sought judicial clarification regarding the scope and constitutional limits of the committee’s intervention.”

According to her, the association approached the courts not to hinder the investigation but to ensure that the principles of separation of powers and institutional integrity are maintained. She observed that the case aims to establish whether the committee’s involvement encroaches on the statutory responsibilities of existing regulatory bodies, including the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), and other relevant agencies.

“This development raises important constitutional questions,” Odukale added, “It is vital to ensure that legislative oversight does not encroach on the independence of statutory regulators or undermine due process.”

Despite the legal proceeding, she reiterated the NIA’s willingness to engage constructively with all arms of government, provided that such engagements respect the autonomy of regulatory institutions and adhere to constitutional provisions.

Odukale also reaffirmed the association’s commitment to supporting its member companies while upholding sector-wide integrity, compliance with legal standards, and the overall stability of the Nigerian insurance industry.