Insurance industry regulator in Nigeria, the National Insurance Commission (NAICOM) is adopting guidelines that would ensure all Federal Government’s assets are insured.
In addition, the move would enhance profitability for the insurance sector.
The Deputy Commissioner, Technical, NAICOM, Sabiu Abubakar, stated this at the Chartered Insurance Institute of Nigeria (CIIN), Second Edition of 2022 Business Outlook Seminar, in Lagos.
According to him, the guidelines, which is being developed in partnership with the Ministry of Finance, would be unveiled very soon.
He submitted that the guidelines would help remove the ills perpetuated by Federal Government’s Ministries, Departments and Agencies (MDAs) and insurance operators.
He noted that the guidelines would also adequately appropriate sanctions on defaulters.
Abubakar noted that the guidelines only cover federal government assets, adding that NAICOM is working to get state governments domesticate insurance laws, which would enable the industry provide adequate insurance covers for assets in the states.
He submitted that NAICOM has strengthened its regulatory oversight and implored operators to settle genuine claims reasonable time and discharge their obligations.
Abubakar noted that insurance regulation and supervision are always the bedrock of national economic development, stressing that he believed NAICOM’s reforms and regulatory initiatives will positively impact the insurance industry if achieved and that the Industry will witness tremendous development and growth.
He implored insurance practitioners to remain complaints and support the commission’s efforts in developing the sector