NAICOM consults with the NIA when developing new regulations for the insurance industry at this moment states they are working together to enhance insurance penetration while assuring policyholders of maximum protection.
Both bodies, disclosed this recently when the newly appointed Commissioner for Insurance (CFI), Mr. Olusegun Omosehin, accompanied by his deputies, Dr. Usman Jankara and Dr. Olawoye Gam-Ikom, visited NIA to discuss collaborative efforts for advancing the insurance sector, said, they exist to secure and give policyholders rest of mind.
Omosehin, during the visit, emphasized his commitment to fostering a robust and stable insurance industry that prioritizes the protection of policyholders and beneficiaries, stating, “My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.”
He further outlined his administration’s agenda, focusing on increasing insurance penetration and ensuring efficient and prompt claims settlements. He underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.
In response, NIA members’ companies, represented by their CEOs, shared their concerns and expectations to help realize NAICOM’s vision for the industry.
While NAICOM said, it is revisiting the placement of insurance business adverts for greater visibility and awareness, NIA is establishing a claims payment committee to facilitate prompt settlements, while the regulatory body said, it is enforcing insurance for public buildings and construction projects to ensure safety, even as it is set to enhance collaboration with government agencies for regulatory efficiency.
“NAICOM is digitalizing agency license processes for improved speed and convenience, reconstituting the IICC committee to drive industry growth and development, supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalization and accessibility while collaborating with the National Pension Commission (PenCom) on group life enforcement to ensure compliance and establishing a maximum retention period for claims records to improve data management, among others,” he stressed.
