The National Insurance Commission (NAICOM) has canceled its proposed State Insurance Producer (SIP) policy, 11 days to the expected commencement date of the initiative, LEADERSHIP Sunday learned yesterday.
In a circular signed by the Director, Policy and Regulation, NAICOM, Mr. Agboola Pius, on behalf of the Commissioner for Insurance, Alhaji Mohammed Kari, and sent to all insurance institutions yesterday, the commission said, it has, therefore, withdrew its circular on SIP, noting that the withdrawal and cancellation takes immediate effect.
According to the circular, “Pursuant to the powers conferred by the enabling laws, the commission hereby withdraws and cancels its circular dated November, 19, 2018 with Reference Number NAICOM/DPR/CIR/17/2018 and titled ‘Operational Guidelines On State Insurance Producer.’”
This is the second time in over one month that the regulatory body would cancel its policy having earlier canceled the Tier Based recapitalisation exercise of the Insurance Industry.
The cancellation of the latter, LEADERSHIP Sunday learned, was not unconnected to the stand of the Insurance brokers under the auspices of the Nigerian Council of Registered Insurance Brokers(NCRIB), to challenge NAICOM in court over the policy.
Reacting to this development yesterday, the President NCRIB, Mr Shola Tinubu appreciated the Commissioner for Insurance, Alhaji Mohammed Kari and his team for consideration of NCRIB plea, describing the Commission as a listening regulatory body who has again demonstrated the desire to grow an industry that would contribute meaningfully to the nation’s economic growth.
Tinubu noted that the gesture would further enhance the Council’s confidence in the leadership of NAICOM, stressing that the confidence reposed in the commission was never betrayed.
According to him, “The Council appreciates NAICOM for the magnanimity in withdrawing the guideline as it will lead to the much desired progress and cohesion required for the industry’s growth.
“We are back on the drawing board to chart a way forward in deepening insurance penetration and entrenchment of MDRI among Nigerian populace to ensure more financial inclusion and make insurance a front burner in growing the nation’s economy as it is obtainable in other climes.”
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