Stakeholders Laud NAICOM’s Insurance Guidelines

Some insurance stakeholders on Tuesday lauded the National Insurance Commission (NAICOM) for coming out with guidelines that would guide the operation of oil and gas insurance business. They told newsmen  in Lagos that the guidelines would propel the industry to move to the next level.

The guidelines came few months after President Goodluck Jonathan signed the Nigeria Content Development Act, 2010 into law.

Mr Sunny Adeda, President, Chartered Insurance Institute of Nigeria (CIIN), said that the guidelines would help the industry to contribute to the development of the nation’s economic. “I hope this will help the industry to move to the next level,” he said, adding that CIIN would encourage insurance practitioners to study oil and gas insurance.

He urged insurance operators to read books on the oil and gas sector and train their workers on the subject.

Adeda said that there was need to encourage local refining of oil as against mass importation of refined products. Dr Teslim Sanusi, President, Nigeria Council of Registered Insurance Brokers (NCRIB), commended NAICOM for spearheading the insurance aspect of the Nigeria Content Development Act, 2010.

According to him, the law provides opportunity for the brokers to be involved in all aspects of oil and gas insurance.

Sanusi said that 70 per cent of general insurance could be successfully written locally, adding that NCRIB would encourage expertise among the brokers.

Mr Darlington Mgbeojekwe, President, Institute of Loss Adjusters of Nigeria (ILAN), said it was good for NAICOM to have come out with the guidelines on oil and gas insurance business. He urged the stakeholders to turn the guidelines into a workable instrument.

Mgbeojekwe said that ILAN was happy because the participation of insurance operators in the oil and gas underwriting would enhance human capacity development.  Mr Olorundare Thomas, Director-General, Nigerian Insurers Association (NIA), said that the association appreciated the good job done by the commission on the guidelines.

Thomas said NIA was prepared to ensure that the operators utilise the guidelines in growing the industry.

According to him, the association has been looking for the guidelines since the Nigeria Content Development Act was signed into law. He said that the association would be fully involved in the monitoring and implementation of the Act.