NAICOM reiterates plan to grow insurance industry by 2020

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The National Insurance Commission (NAICOM) on Sunday reiterated it’s plan to further grow the Nigerian insurance industry by 2020.

The Deputy Commissioner, Technical, NAICOM, Mr Sunday Thomas, told the News Agency of Nigeria(NAN) 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 Lagos state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.

NAICOM on 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.

He said that the test would ensure that the companies knew and understood the various roles and responsibilities they had to carry out within their locations.

On learning/training for directors, he said the regulatory body would increase the knowledge base of the directors so they would understand better the business and what was expected of them.

“We will do some trainings, some will be optional and others mandatory which may occure more than ones in a year for them.

This will enable them to learn, know their roles as directors, so that when they are taking decisions, it will be decisions based on knowledge, based on information,” he said.

Thomas further said that the regulatory priority plan was subject to review as events unfolded and as new challenges arose in the industry.(NAN)

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