Home Insurance Digest Insurance commission denies allegation of forcing insurers to donate to COVID-19

Insurance commission denies allegation of forcing insurers to donate to COVID-19

Insurance, Pension regulators urged to embrace lighter models

Authorities at the National Insurance Commission (NAICOM) have come out forcefully to deny reports that the insurance regulatory body was forcing insurance companies in the country to make donations towards Nigeria’s fight against Covid-19.

An earlier report had it that NAICOM in a letter to registered insurance companies compelled the companies to make donations of not less than N10 million to the fight against Coronavirus.

But NAICOM’s spokesman  Mr. Rasaaq Salami in a telephone conversation expressed the Commission’s disappointment over the news, describing it as not only false and misleading but mischievous.

Mr Salami who is a and Deputy Director explained that the commission only called on the companies to join in providing support for the government at all levels to the fight against Coronavirus in the country.

He said: “This report is not only false and misleading but mischievous. It is a deliberate attempt to embarrass the Commission.

“No insurance company is being compelled or forced to contribute to the COVID 19 fund. NAICOM only requested the support of insurance companies further to the agreement between her, the Nigeria Insurers Association (NIA) and the Nigerian Council for Registered Insurance Brokers (NCRIB) for a coordinated effort towards making a consolidated contribution to the fund as an industry”. He noted.

He urged the public to disregard the report as false and bias.

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