NIA spearheads initiatives to eliminate capital flight in the maritime trade

Worried by Loss of income in the maritime trade to insurers and the economy worth billions of Naira yearly, the Nigerian Insurers Association (NIA) has initiated moves in collaboration with relevant stakeholders to eliminate capital flight in the maritime trade.

Some of the stakeholders that have given their support include National Insurance Commission (NAICOM), Nigerian Shippers Council, Project IT Vendor-BrandOne among others.

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The Chairman of the association, Ganiyu Musa, disclosed this during a media parley with the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.

L-R: Lanre Ojuola, Director of Operations, Nigerian Insurers Association (NIA); Ganiyu Musa, Chairman, NIA, and Mrs. Yetunde Ilori, Director General, NIA, during the NIA Chairman press briefing in Lagos on Tuesday.

Musa who is also Managing Director/CEO, Cornerstone Insurance Plc said “Discussion is ongoing between the Association, NAICOM, Nigerian Shippers Council, Project IT Vendor-BrandOne and all other stakeholders in the maritime value chain including Shippers/ Importer, Clearing Agents, Track Owners, Guild of Marine Surveyors, PRAN and Tracking Companies on the provision of cover for containers.

“This will be a risk management substitute for container deposits being made by the importer to the shipping companies thereby eliminating capital flight from the country.

On NEXIM Bank Export Insurance project, he said The Association with the help of her team of actuaries is presently discussing with NEXIM Bank, MNK Re Limited (Broker at LLOYD’S), PRAN, and the Guild of Marine Surveyors with a view to developing the cover for Export Credit Guarantee Insurance and Political Risks for the banks and exporters.

Other things the Association is doing, according to Mr. Musa, is the consultations and collaboration with relevant agencies towards enforcement and validation of the insurances made mandatory by law.

“The Association is working with Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of Vehicle Inspectorate Service (VIS) through Nigerian Insurance Industry Database (NIID) Verification Platform.

“The Association is in discussion with Lagos State Building Control Agency (LASBCA) with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019).

“The Association is collaborating with Lagos Safety Commission (LSC), Nigerian Council of Registered Insurance Brokers (NCRIB) and Courteville on the Implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.

He said the exercise will be launched on 28 April 2022 while Enforcement will commence in May 2022, adding that they are building the capacity of LSC members to enhance compliance in line with the emerging regulations.

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