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By Henry Uche
To tackle long-standing misconceptions and strengthen regulatory frameworks, the collaboration between the National Insurance Commission (NAICOM) and the Nigerian Civil Aviation Authority (NCAA) is set to redefine industry standards, foster transparency and enhance stakeholder confidence in both the insurance and aviation sectors.
The NAICOM, NCAA collaboration was consummated at the former’s headquarters in Abuja recently where a joint technical committee was inaugurated to drive the fusion. The primary objective of the joint Technical Committee is to underscore NAICOM’s unwavering commitment to safeguarding the interests of policyholders, ensuring their rights and investments remain protected.
In a statement, NAICOM highlighted that this collaborative effort with the Nigerian Civil Aviation Authority (NCAA) addresses concerns stemming from misconceptions in certain quarters. These misconceptions suggest that the Commission prioritizes the interests of insurance operators over the well-being of policyholders, creating a false narrative about its regulatory stance.
By fostering this synergy, NAICOM seeks to reaffirm its dedication to its core mandate of balancing the interests of all stakeholders within the insurance ecosystem.
Speaking at the meeting, the Commissioner of Insurance/Chief Executive Officer, Mr. Olusegun Ayo Omosehin, who was represented by Dr. Usman Jankara, the Deputy Commissioner (Technical) stressed that the Commission’s primary responsibility is to regulate the insurance industry’s business activities and safeguard the interests of policyholders.
Jankara who announced the inauguration of the joint committee, following the agreement on the terms of reference, said the Committee agreed that in the event of any accident or incident, they would ensure that all affected third parties receive fair compensation and are properly indemnified.
He emphasised the need for flexibility and automation of processes, expressing confidence in the committee’s ability to deliver due to the caliber of its members.
The terms of reference for the joint committee includes: Verification of certificate of Insurance and other insurance related documents of airline operators, affiliate agencies, and NCAA service providers.
They agreed to provide technical support to NCAA on insurance matters; Coordinate and facilitate resolutions of complaints of airline operators on insurance covers and services during periodic meetings as well as provide advice to NCAA on all aviation insurance related matters bordering on adequacy and validity.
Also, the Committee vowed to coordinate training through workshops and awareness programmes for NCAA/NAICOM and its stakeholders on aviation insurance.
They resolved to coordinate training on insurance and aviation matters; organise and attend periodic meetings of both organisations; and carry out periodic review of the minimum insurance cover requirements by all persons/group of persons having a duty as operator/provider in the Aviation sector to maintain adequate insurance for their operations during periodic meetings.
Others include to organise and attend periodic meetings with airline operators and insurance providers and carry out any other tasks as the Collaboration allows.
Leader of the NCAA delegate, Mrs. Rominiyi Dorcas, who is the DGM, Financial Health & Aviation Insurance, made a commitment to thoroughly dedicate herself and her team to their responsibilities. She pledged to exhaust all efforts in ensuring the successful attainment of the committee’s objectives.
In a remark, Mr. Ajuyah Omeresan Alfred (Asst. Director Special Risk, at NAICOM), reaffirmed the Commission’s unwavering commitment to ensuring the aviation sector operates efficiently and effectively, both now and in the future.
