NAICOM reiterates plan to grow insurance industry by 2020
The National Insurance Commission (NAICOM) has reiterated its plan to further grow the Nigerian insurance industry by 2020. The Deputy Commissioner, Technical, NAICOM, Mr. Sunday Thomas said 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 rusk 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 Gombe state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.
NAICOM has now paid similar visit to 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 compulsory insurances 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.