“There are compliance issues and not to leave anyone in doubt, the Commission is out to ensure compliance to regulatory standards is one hundred per cent observed and adhered to by all and sundry. This, the Commission believes will enhance the ease of doing business and drive insurance growth and development,”
This terse statement was delivered by the Commissioner for Insurance Ayo Omosehin at the weekend on his behalf by th Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi at the Insurance Industry Consultative Council (IICC) Media Retreat held at the College of Insurance and Finance Management, Aseese, Ogun State
Omosehin said the Commission will continue to enforce policies that promote transparency, accountability, and solvency, which would make the insurance industry stable and dependable.
Still committed to the issues noted he said there were areas where the industry measured comfortably in 2024 “We have seen improvements in regulatory frameworks, increased awareness of the importance of insurance, and a more robust partnership with stakeholders. However, there is still much work to be done.’’
On inclusion for divergent groups and the evolving customers he said, “We have worked tirelessly to ensure that more Nigerians, especially in underserved regions, have access to affordable insurance products and services. The shift toward technology-driven solutions in the insurance sector has been crucial in driving efficiency, improving turnaround time, increasing market penetration, and providing innovative services to meet evolving customers and stakeholders needs.”
