Business
Ex-CIIN Boss Hails ‘No Premium, No Cover’ Policy
The ‘No Premium,
No Cover’ policy recently introduced by the National Insurance Commission (NAICOM), has immensely increased the income base of the insurance industry.
The immediate past President of the Chartered Insurance Institute of Nigeria (CIIN), Mr Wole Adetimehin, made the commendation in a chat with newsmen in Lagos last Thursday.
Adetimehin said that the policy had placed the sector on the path of growth.
The policy was introduced by NAICOM to check non-payment of premiums by policy holders.
Adetimehin told Journalist that the growth would equip insurance firms to meet their obligations in the settlement of insurance claims as at when due.
According to him, since the implementation of the policy on January 1, 2012, there has been reduction in the number of “lapsed policies” in the industry.
“As a new policy, it may take time to fully penetrate and may result in reduction in the volume of investors.
“But considering the current impact of the policy, we believe that with time, the expected results would be realised.
“Now, cases where a policy holder would not get claims because of not being up-to-date with payment of premium have reduced,” he said.
According to Adetimehin, many Nigerians have now realised the benefits of insurance as a useful tool to check losses and make huge savings.
He said that many operators, who were skeptical about the policy, were now enjoying its dividends because some policy holders paid premiums on time.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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