Home Insurance Digest Finance Minister assures NAICOM of FG support

Finance Minister assures NAICOM of FG support

Finance Minister assures NAICOM of FG support

The Minister of Finance, Federal Ministry of Finance, Zainab Shamsuna Ahmed, has reiterated Federal Government’s support for the National Insurance Commission (NAICOM).

She said the Federal Government will reengineer the insurance industry with a view to support NAICOM as regulators to get the best out of existing and prospective operators in the insurance sub-sector of the nation’s economy.

The Minister gave the assurance in Abuja recently while receiving on a courtesy call, the Governing Board of NAICOM led by the Chairman, Chief Emmanuel Jideoffor Nwosu.

She said President Muhammadu Buhari had directed that the financial insurance sub-sector find their rightful place in the Finance sector.

Ministry of Finance assured that the Federal Government will reengineer the insurance industry with a view to support NAICOM as regulators to get the best out of existing and prospective operators in the insurance sub-sector.

Speaking at the workshop organized by the National Association of Insurance and Pension Correspondents (NAIPCO) recently in Lagos, the Deputy Commissioner for Insurance, NAICOM, Sunday Thomas, reiterated NAICOM’s determination to move the industry to its rightful place in the nation’s finance sector.

He said the Commission will partner state governments and other organizations and institutions to ensure the enforcement of the six compulsory insurances.

Thomas who represented the Commissioner for Insurance, Muhammed Kari, at the event called on the stakeholders in the industry and the law enforcement agents to support NAICOM in its bid to ensure the enforcement of compulsory insurance policies.

In order to deepen insurance, he said, NAICOM is seeking rewarding partnership engagements with various stakeholders within and outside the industry to build a solid regulatory framework that will drive the activities of the commission, adding that “every NAICOM’s activities are aimed at ensuring the success of the industry.”

Insurance industry stakeholders are of the belief that if the six existence compulsory insurance policies are adequately enforced, the sector will contribute significantly to the National Gross Domestic Product (GDP).

“ There are six compulsory insurance policies in Nigeria that the insurance industry requires support of the federal government to enforce. If we start from there, contribution of insurance sub-sector to the GDP will rise by by 100 per cent in one year,” Mr. Owolabi, who responded to the Minister’s tweet said.

The Federal Government had on Thursday, March 8, this year inaugurated a new Governing Board for the Commission under the Chairmanship of Chief Emmanuel Jideoffor Nwosu.

Others inaugurated as members of the Board include: Musa Balarabe from the North West; Awwal Hamza from the North East; Otunba A. Akinniranye from the South West; Mohammed Kari Commissioner for Insurance; Sunday O. Thomas Deputy Commissioner Technical;George Oneknena. Deputy Commissioner, Finance and Admin; Representative of the Federal Ministry of Finance;Federal Ministry of Trade and Investment; Central Bank of Nigeria ( CBN) and Richard Borokini, DG, Chartered Insurance Institute of Nigeria,(CIIN).

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