Land Approval: NAICOM Wants Compulsory Insurance Cover

The National Insurance Commission of Nigeria (NAICOM) has called on State governments in the country to include Insurance Cover Certificates as one of the basic compulsory documents that must be provided before one could get government land approval.

Making the call while speaking in Enugu at the opening of a  5-day Training and  Enforcement of some Classes of   Insurance made compulsory by law  in the country,as well as in Enugu State ,  National Coordinator of the programme and Director of Research Statistic and Information Communication Technology (ICT)  in NAICOM,  Alhaji Adamu Balante, reasoned that such development would go a long way in making the Federal Government agency and the Insurance sector more relevant.

Balante expressed dissatisfaction over the non-challant attitude of Nigerians towards Insurance matters in the country, and  listed the classes of the insurance including Motor third party, Occupier liability, builders liability Group life insurance, and healthcare professional indemnity.

He explained  that apart from yielding revenue for government, such action would  make Nigerians to be alive on issues concerning insurance, adding that Lagos State government  had already enacted a law to that effect, as the nation has been losing  huge sums of money over insurance evaders .

The director further explained that the Market Development and Restructuring Initiative ( MDRI ) of the Commission was aimed at taking the  insurance sector  to the next level as well as make it more relevant in the country.

According to him, as a body responsible for the   regulation and supervision of insurance practice in the country,  NAICOM,  would continue to do its best towards ensuring that Nigerians are into such compulsory  insurance policies in the land.

He, however, regretted  that Nigeria, the acclaimed most populous nation in Africa,  haD been lagging behind in insurance matters which other developed countries of the world had been using in boosting their economies.

Balante, therefore,  called  on all relevant stakeholders in the country  to join hands with the commission in making the sector more vibrant and competitive like other nations, warning that the commission would not hesitate to revoke the operational license of any insurance firm found wanting .

Also speaking, consultant handling the programme, Mr. Yemishola Aboye, remarked that Enugu was not new to insurance matters as it was the place where the nation’s first indigenous insurance, Africa Insurance Company was established in 1950.

He, however, frowned at the alarming rate of fake insurance vehicle documents in the country, saying that at least, three out of every 100 vehicles that ply the nations roads, operates with such fake papers.

The meeting, was attended  mostly by  personnel of  security  agencies   such as the police, Federal Road safety Commission (FRSC), Police, Fire Service men, members of Board of Internal Revenue (BIR) from state and federal government, among others. The exercise is expected to end on Friday February 3. 2012.