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By Henry Uche
The Nigerian Insurers Association (NIA) has listed its expectations from the new leadership of National Insurance Commission (NAICOM).
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 in Lagos recently to discuss collaborative efforts for advancement of the insurance sector.
NIA members represented by their CEOs told NAICOM that to realize the regulator’s long term vision for the industry, there is need to revisit the placement of insurance business adverts for greater visibility and awareness, as well as sanctioning members involved in premium rate cutting to enforce compliance.
NIA posited that enforcing insurance for public buildings and construction projects owned by government, corporates and individuals is long overdue, if safety of life and property must be guaranteed.
They demanded, “NIA is already establishing a claims payment committee to facilitate prompt settlements, but we must enhance collaboration with government agencies for regulatory efficiency, and pursue the digitalizing of agency license processes for improved speed and convenience.
“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 as well as collaborating with PenCom on group life enforcement to ensure compliance, are some of our expectation,” they stressed.
They add added that there is need to establish a maximum retention period for claims records to improve data management, accelerating the approval of new products to drive innovation as well as considering industry perspectives in policymaking for inclusive decisions.
Other expectations tabled before the new Sheriff of NAICOM are: Segmenting industry players to promote specialization and competitiveness, ensuring timely approval of principal officers for leadership stability, forming strategic partnerships with the government to boost economic growth, speeding up the transformation roadmap for timely implementation, promoting public-private sector collaboration in government business, and ensuring market discipline to promote a culture of compliance and accountability.
In response, Mr. Omosehin made a commitment to foster 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.”
He further outlined his administration’s agenda, focusing on increasing insurance penetration and ensuring efficient and prompt claims settlements. He underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.
