NAICOM seeks partnership with NGF to domesticate insurance laws
The National Insurance Commission (NAICOM) is seeking to collaborate with the Nigeria Governors’ Forum (NGF) to deepen insurance penetration across the 36 states of the Federation.
This was contained n a statement by the Commission, after the Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin paid a courtesy visit on the Director General of the Nigeria Governors’ Forum Dr. Abdulateef Shittu at the NGF Secretariat, in Abuja.
According to the statement, “The Director General while welcoming the Management of NAICOM informed them that the NGF has transformed into a policy hub for the state Governors and is serving as the Technical and administrative arm of the Forum”,
Shittu stated that the forum consists of the 36 state governors in the Federation, while the Secretariat is the administrative arm and a resource centre for the Forum that renders services and policy formulation.
He added that the NGF Secretariat is a one-stop shop for any business the Commission wants to do with the states.
After an introduction of members of the teams, the CFI Mr. Omosehin thanked the DG for the warm welcome and briefed the Secretariat on the core mandate of the National Insurance Commission, which is supervising, regulating, and developing the insurance sector in Nigeria.
This he said involves how the culture of insurance can be deepened by getting the nation as a whole to comply with some of the compulsory insurance as provided in our law.
He noted that at the federal level, these have been driven by federal agencies, but at the state level, the commission needs some high level of cooperation and collaboration.
The CFI stated that the key reason the Commission was at the NGF secretariat is to discuss how a coordinated approach can be adopted in working with the states and that the collaboration must start from engaging the NGF Secretariat as policy hub for the state Governors.
He said having been appointed recently, few months back, him and his team are trying to see how they can address some of the issues differently from the way it has been handled in the past in order to achieve a better result.
He averred that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.
The CFI further harped on the need for most of the laws on compulsory insurances to be domesticated by the states sighting example with Lagos State.
He said that the fragmented approach in dealing with the states needed to be centralized and have all the states come on board especially with respect to motor third insurance and also to prevent revenue loss for the states in terms of IGR. There is also a need for awareness creation across the states on the value of insurance.
On his part, the Director General thanked the CFI and expressed optimism that now that the Commission has reached out, he believed that the partnership could bring a lot of positivity on deepening insurance penetration in the country.
The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review, and since a delivery room assessment has already been conducted, activities will commence immediately.
To this end, a joint committee was set to deliver on the assignment at hand.
