NAICOM leads stakeholders to focus local content, oil & gas insurance

By Henry Uche

National Insurance Commission (NAICOM) would lead the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) Independent Petroleum Producers Group (IPPG) and other key stakeholders to beam searchlight on the position of insurance in Nigerian Oil and Gas Industry Content Development (NOGICD) Act.,

The event slated for July 20th in Lagos, was put together by STANMEG Communications (publisher of Oriental News) seeks to build local content synergy between the insurance industry  stakeholders and oil and gas sector.

The publisher, Margaret Yemisi Izuora, affirmed that the Commissioner for insurance, Mr. Sunday Thomas as  keynote speaker would examine challenges impeding stakeholders from exploring huge opportunities provided by the Act, while the Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Mr. Simbi Kesiye Wabote, would provide insight into possibilities and value creation which the Act presents.

NAICOM and NCDMB recently signed Insurance Services Guidelines in Yenagoa, to enable the oil and gas industry to patronise the local insurance sector to boost the sector and economy at large.

Wabote at the ceremony stated that the provisions of sections 49 and 50 of  NOGICD Act, requires all operators engaged in any form of activity or project in Oil and Gas industry to insure all insurable risks related to the business with an insurance company, through an insurance broker registered in Nigeria.

He stressed that the Act provides that, where an operator seeks to place an insurable risk offshore, a written approval by NAICOM must first be obtained and that NAICOM before issuance of the approval must ascertain that local capacity has been fully exhausted.

Based on these, STANMEG chose to create a platform bringing operators in the two sectors to broaden discussion on key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.

Themed ‘Building Local Content Synergy Between The Oil and Gas and the Insurance Sectors In Nigeria’ and sub -theme- Harnessing Insurance Opportunities In The Oil And Gas Industry, the conference panel sessions would look into: Expectations of oil and gas sector from insurance industry; role of insurance brokers in unlocking insurance opportunities and role of reinsurance in unlocking insurance opportunities in the oil and gas sector.