Business
NAICOM Promises Orderly Conduct Of Insurance Business
The National Insurance
Commission (NAICOM) has promised to facilitate the orderly conduct of insurance business in the country through appropriate regulations.
Speaking to newsmen in Lagos on Monday, the NAICOM Commission Director, and Inspectorate Mr Barineka Thompson said the commission would ensure that its supervisory powers were streamlined to protect people from the failure of any insurance institution.
Thompson said the commission would ensure that insurance firms were adequately run to protect policy holders in the country.
Thompson said Section 40 of NAICOM Act required appropriate steps to be taken for the purpose of protecting policy-holders of an insurance institution against the risk that the insurance institution may be unable to meet its liabilities or fulfill the reasonable expectation of policy holders.
He said NAICOM role was to facilitate orderly insurance policies by insurance firms and ensure strict adherence to the requirements of the Law as it concerns minimum capital requirements for operation of insurance companies, consumer protection, solvency and orderly exit of companies.
He said NAICOM’s strategies were to deepen insurance institutions mechanism and ensure insurance penetration through effective regulatory framework, improve communication with all stakeholders to ensure transparency, public trust and confidence, transform the commission’s processes, people and system, and optimize revenue collection and effective management of assets.
Thompson said the commission expected that insurance companies will begin to review their strategies, business and operating models, overhaul product portfolios and distribution strategy, enhance ICT capability and other elements that can stimulate the growth of their overall business.