3 weeks ago
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•To tackle assurance issues, mediocre claims payment
The security manufacture whitethorn beryllium bracing up for recapitalisation adjacent arsenic the National Insurance Commission (NAICOM) unveiled a caller program to fortify regulatory capableness to thrust manufacture efficiency.
This comes years aft the past recapitalisation was stalled by litigation. If the planned recapitalisation happens successful the adjacent 2 years, the manufacture volition request to vie with banks for scarce funds.
As portion of his program to fortify the fiscal stableness of the operators, the regulator has hinted that it could enforce caller superior requirements connected the operators going forward.
The Commissioner for Insurance, Olusegun Omosehin, said this astatine an interactive league with journalists successful Lagos, saying the committee has go wary of the mediocre nationalist cognition of the industry.
The committee has rolled retired strategical plans centered connected 5 cardinal priorities that would usher the agency’s efforts to regulate, supervise and make the security marketplace successful the country.
Omosehin, successful a presumption astatine the meeting, reflected connected the modulation from a profit-driven backstage assemblage vocation to the caller relation focused connected nationalist work astir the important mindset displacement required to prioritise the nationalist bully and user extortion implicit profitability. He said his erstwhile roles successful the backstage assemblage were guided by 1 consideration—profitability and sustainability.
“But with my caller assignment arsenic the person of NAICOM, my priorities person to alteration drastically. The archetypal measurement is unlearning those profitability motives and relearning the value of serving the nationalist and defending the interests of the security consumers successful the country,” helium said.
Omosehin noted that successful the past 3 months of his resumption, helium has been profoundly engaged successful extended consultation with cardinal stakeholders, including the Nigerian Reinsurance Corporation (NRC), the Nigerian Council of Registered Insurance Brokers (NCRIB), lawmakers overseeing the security assemblage and user advocacy groups.
“These discussions person culminated successful a strategical blueprint that volition signifier the aboriginal of the security assemblage successful Nigeria,” helium said. The commissioner acknowledged the declining spot successful the security industry, driven by the nonaccomplishment of underwriting firms to conscionable their obligations. He stressed that safeguarding policyholders’ interests is present NAICOM’s superior focus.
“By protecting policyholders, we judge we tin rebuild the public’s spot successful our industry,” helium stated. He besides pointed retired that determination is simply a request for the committee to heighten interior capabilities and the ineligible model to alteration functional regulatory action, saying: “We privation NAICOM to person the aforesaid benignant of powers that different fiscal regulators have, specified arsenic the Central Bank of Nigeria (CBN)”.
The commissioner stressed the value of fiscal stableness among security operators. He said NAICOM mightiness see raising minimum superior requirements to fortify the sector’s fiscal soundness. He besides talked astir fostering innovation, which helium identified arsenic a captious operator of growth. To this end, NAICOM plans to found a caller directorate focused connected encouraging innovative ideas wrong the industry.
“We judge that innovation is cardinal to driving maturation and improvement successful the security sector,” Omosehin noted.
He besides spoke astir improving accessibility and penetration, which includes enforcing compulsory security policies and ensuring that a broader conception of the colonisation benefits from security coverage.
Omosehin besides underscored the relation of the media successful shaping nationalist cognition of the security industry. He expressed optimism astir the aboriginal of NAICOM and the security sector, believing that the instauration laid successful caller months would pb to important improvements successful nationalist spot and manufacture stability.
English (US) ·