Apparently to strengthen the insurance industry regulatory capacity, the government has appointed top management staff to the National Insurance Commission (NAICOM).
For instance, apart from confirmation of Mr. Sunday Thomas – an insurance technocrat, commissioner for insurance and chief executive, Mr. President has approved the appointments of Alhaji Sabiu Bello Abubakar, Deputy Commissioner (Technical) and Oba Olufemi Olumiyi, Deputy Commissioner in charge of Finance and Administration (F&A). The head, commissioner for insurance directorate, Rassaaq Salami, in a statement said both appointments are effective July 17th, 2020 for an initial tenure of Five Years.
However, the chieftain of the industry told Assurpen.com that government should be commended for the timely action taken to reposition commission to meet new challenges in the market, and also be at par with other financial services sector. He said “Insurance is the bedrock of the national economy, it should be supported with competent technocrats to perform better”. Besides, NAICOM Boss said recently that the reason for the establishment of an academy by the commission is to bring knowledge into the head of the staffs, they will know current developments and will be conversant with our responsibilities. We believe the academy should be the game changer.