• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Saturday, June 21, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

NAICOM Upturns Compulsory Insurance For Federal And State Governments

Nwanne Ikemefune by Nwanne Ikemefune
November 18, 2023
in Insurance
0 0
0
NAICOM Upturns Compulsory Insurance For Federal And State Governments
0
SHARES
106
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The correction to the push back on budgetary provisions for public buildings and buildings under construction by federal and state governments was squarely addressed by the Commissioner For Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Sunday Thomas at a 12th National Council of Lands, Housing and Urban Development holding in Kaduna from yesterday.

Thomas in the full gaze of all at the meeting craved for a new focus on certain compulsory insurance and therefore, enjoined federal and state governments to begin budgetary commitments and make adequate provisions for insurance of public buildings and buildings under construction in their respective annual budgets.

He said these categories of insurance are made compulsory by extant insurance laws in Nigeria and, thus, must be complied with by all.

According to Thomas, Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two (2) floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in Nigeria.

Speaking further, he said Section 65 of the Insurance Act 2003 also makes it compulsory for all public buildings in the country to be insured. This is to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises.

Mr. Thomas addressed was heard by top seeds in the federal government, National Assembly and government counterparts in the 36 states and other stakeholders. These participants include the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Sen. Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Hon. Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Hon. Abiante Awaji, The Permanent Secretary, Federal Ministry of Works and Housing, Mahmuda Mamman; Commissioners, Permanent Secretaries, Directors of Lands and Housing from the 36 States of the federation; Managing Director of Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, Shelter Afrique, etc.

Mr. Thomas urged the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states.

He listed some of the benefits from compliance with these compulsory insurances to the Federal and State Governments to include:

Reduction in the Federal and State Government expenditure in event of disaster that may affect citizens by shifting the burden to the risk-bearers (Insurance Companies), hence restoration would not be settled from tax payer’s money

Creation of employment opportunities for citizens of the State, and

Opportunity for enhancing the Internally Generated Revenue (IGR) of the respective states amongst others.

Previous Post

Basic Knowledge of Health Insurance Transforms Lives, Deflates Dependency And Debt – Coronation Life

Next Post

Global Trade Credit Premium Volume Reaches USD 13.89 bn

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman
Insurance

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy
Insurance

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models
Insurance

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Next Post
Global Trade Credit Premium Volume Reaches USD 13.89 bn

Global Trade Credit Premium Volume Reaches USD 13.89 bn

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
ADVERTISEMENT

Recent News

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

June 12, 2025
Leadway Advocates Safety First as Nigerians Embrace The New Year

Leadway Supports Nigerian Pavilion at the London Design Biennale 2025

June 11, 2025
Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

June 10, 2025
“Bring Your Kid to Work Day” Lights up Prudential Zenith Life on Children’s Day

“Bring Your Kid to Work Day” Lights up Prudential Zenith Life on Children’s Day

June 5, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In