Business
NAICOM Recommits To Insurance Industry Growth
The National Insurance Commission (NAICOM) last Sunday reiterated its plan to further grow the Nigerian insurance industry by 2020.
The Deputy Commissioner, Technical, NAICOM, Mr Sunday Thomas told newsmen that the commission was working to ensure the success of its major priorities for 2017 to 2020.
Thomas therefore reiterated NAICOM’s desire to collaborate with state governments to ensure the effective implementation of the second phase of the commission’s Market Development and Restructuring Initiative(MDRI).
The MDRI is aimed at addressing the issues of compulsory insurance products, insurance agency system, fake insurance institutions and risk based supervision.
It is a plan that aims to bring about necessary reforms in the areas of industry capacity, market efficiency and consumer protection in the Nigeria insurance market.
NAICOM had visited the Ogun and Lagos state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.
NAICOM last Friday also visited the Kaduna State governor to seek the state’s collaboration in enforcing compulsory insurance in Kaduna and expressed desire to establish a branch office in the state.
According to Thomas, arrangement is being made to speak to Governors Forum, to talk to all the governors to see where they stand in the implementation of the MDRI in their states.
“And part of the selling point is the fact that it is going to enhance their employment initiative, increase their IGR, among other advantages,” he said.
On claims payment, he said it was an important issue and the commission would not shy away from carrying out its duties regarding claims.
He noted that the commission had the backing of the law to withdraw licences from companies for non compliance but could only do that following the right procedures.
On implementation of the risk-based supervision of the commission, Thomas said that a kind of pilot inspection was about to be conducted.
He explained that NAICOM would in the pilot phase test run the selected companies to see their level of adaptation to new concepts over the years.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
News4 days ago
UN Warns Floods May Unleash Toxic Chemicals, Pose Risk To Elderly, Ecosystems
-
Rivers4 days ago
NSE Members Tasked On National Dev
-
Business4 days ago
NCDMB Promises Oil Industry Synergy With Safety Boots Firm
-
News4 days ago
Police Rescue Kidnapped Victim As Suspects Escape With Gunshots in Rivers
-
Politics4 days ago
Your Lies Chasing Investors From Nigeria, Omokri Slams Obi
-
Opinion4 days ago
Get Rid Of Wastes In PH
-
Business4 days ago
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
-
Business4 days ago
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP