Yemisi Izuora
The National Insurance Commission (NAICOM) has given approval to 7 insurance companies financial reports.
The regulator disclosed that 15 companies have so far submitted their 2015 audited financial results out of which 7 have been approved while 2 were reviewed and returned for adjustment.
Giving the details in Abeokuta, Ogun state during NAICOM’s seminar for Insurance Journalists, the director supervision, Nicholas Opara said other insurance companies still have up to June 30, 2016 to submit their accounts
Also the Director Research, Statistics and IT, Adamu Balanti said that the commission has set June 2016 deadline for the takeoff of the issuance of identification numbers to insurance policies and also launch its portal that would warehouse the industry’s data.
According to him the unique policy identification system is to monitor and capture every single insurance policy issued by underwriters in the country.
“This system is to build an integration point for the various stakeholders involved in insurance policy issuance. Generate and provide a unique identification number for every policy issued, in order to track and provide relevant statistics on them.
“It would help develop a capacity in NAICOM to record all policies issued by Nigerian insurance companies. Ensure proper accountability of all premium returns by insurance companies, capture all businesses done by every broker through the underwriter, ensure proper accountability of all insurance levies received from brokers, provide easy access to data regarding policies issued and support analysis and policy based decision making.”
“We want to identify each individual insurance policy issued in the country; this is why we are developing, what we call – Unique Policy Identifier (UPI). With it, each insurance policy document issued in the country will have a unique identification number. The Unique number will be used to identify that document.
“We are also developing a database of that identification number, so that anybody in the country can query the database to confirm if the policy document before him or her is genuine. We are hoping that in the next few years, we will get it out,” he added.
He noted that the initiative cuts across all insurance product lines, adding that all policies procured by the public must have this unique number.