The newly appointed Commissioner for Insurance (CFI), Mr. Olusegun Omosehin, accompanied by his deputies, Dr. Usman Jankara and Dr. Olawoye Gam-Ikom, visited the Nigerian Insurers Association (NIA) to advance the new mandate of the Commission and in the same zeal accommodate the Association’s vision for the industry.
The Thursday May 30, 2024 meeting which was the Commission’ initiative was to create a working template for collaborative efforts for advancing the insurance sector. Omosehin putting on screen what to expect under the Commission as presently constituted, emphasised commitment to fostering a robust and stable insurance industry that prioritizes the protection of policyholders and beneficiaries. He stated, “My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.”
Outlining his administration’s agenda, he said it would focus on increasing insurance penetration and ensuring efficient and prompt claims settlements. Besides, he underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.
The NIA outlined their concerns which they want the Regulator to key into to help them realise their vision, these include speeding up the transformation roadmap for timely implementation. Declaring their intention for overhaul they called for market discipline to promote a culture of discipline and accountability, and also, sanctioning members involved in premium rate cutting to enforce compliance. Allied with this is putting the Commission on notice that NIA is establishing a claims payment committee to facilitate prompt settlements as well as establishing a maximum retention period for claims records to improve data management.
Revisiting the placement of insurance business adverts for greater visibility and awareness was raised. Also on the table was the enforcement of insurance for public buildings and construction projects to ensure safety and, enhancing collaboration with government agencies for regulatory efficiency and, digitalizing agency license processes for improved speed and convenience.
Other issues that required NAICOM attention were reconstituting the IICC committee to drive industry growth and development; supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalization and accessibility. Collaborating with PenCom on group life enforcement to ensure compliance.
Other issues raised were accelerating the approval of new products to drive innovation and considering industry perspectives in policymaking for inclusive decisions. They also want NAICOM to segment industry players to promote specialization and competitiveness and ensuring timely approval of principal officers for leadership stability.
Insurers want to foster forming strategic partnerships with the government to boost economic growth along with promoting public-private sector collaboration in government business.
The image in the featured picture L-R: Dep. Commissioner for Insurance, Technical, Dr. Usman Jankara, NIA DG/CEO, Mrs.Yetunde Ilori; Commissioner for Insurance, Mr. Olusegun Omosehin; NIA Chairman, Mr. Kunle Ahmed; Incoming NIA DG/CEO, Mrs. Bola Odukale and Dep. Commissioner for Insurance, Finance, Mr. Ekerete Ola-Gam-Ikon during the visitation of the CFI and his team in a group picture shortly after the meeting of the CFI with CEOs of member companies of the Nigerian Insurers Association, on Thursday, May 30, 2024.
