The Commissioner for Insurance and Chief Executive, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, has appreciated the support of the Kano State Government for the enforcement of compulsory programme of insurance in the state.
He made the commendation during the sensitization exercise in the state, that the insurance industry appreciates this opportunity and swift response of the state government in aligning with the objectives to boost insurance penetration in Kano State as well as the entire northern region.
Thomas said “permit me to say that insurance industry has never been this proud that an entire state has come to a standstill this morning as the machineries of the state are all here for this launching of new face of insurance in Kano State.
Your excellency the National Insurance Commission and indeed the Nigerian insurance sector will remain grateful for your swift approval and giving effect to the following three(3) requests of the Commission during the visit in October, 2021:
a. Request for a regional office accomodation for the Commission,
b. The need to domesticate the laws on compulsory insurances in Kano State
c. The need to set up a powerful joint committee on the implementation of the compulsory insurances in the state.
Permit me to mention Your Excellency that the Insurance Act 2003 and other relevant Laws of the Federal Republic of Nigeria did make the following insurances mandatory among others;
i. Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;
ii. All Buildings under construction that are more than two (2) floors;
iii. All Public Buildings including Schools, Offices, Hotels, Hospitals, Shopping Malls etc.;
iv. Professional indemnity for all medical practitioners and hospitals; and
v. Group life insurance cover by employers for employees where there are more than 3 persons.
vi. Annuity for retirees as provided under the Pension Reform Act 2014
It is on the above premise that we knocked at the door of the Kano State government to set the pace for the northern part of the country to embrace insurance especially with the introduction of Takaful Insurance (otherwise known as Islamic Insurance) as an alternative to the conventional insurance to cater for sentiments of religion and tradition. As expected, Your Excellency generously accepted and approve this idea for the development of insurance culture in the state. We salute your courage and commitment in this regard and we believe posterity will judge you correctly.