The Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have established a 12-member joint committee to explore and harmonise collaborative efforts between the two agencies to foster Nigeria’s insurance sector.
The strategic decision was made during a courtesy visit by the national commissioner for insurance and Chief executive officer of NAICOM, Olusegun Omosehin, to the NSITF headquarters in Abuja yesterday.
According to a statement by the NSITF general-manager, corporate affairs, Nwachukwu Godson, the newly formed committee, co-chaired by Kabir Ma’aji, general-manager of compliance at NSITF, and Oluwatoyin Charles, director of supervision at NAICOM, is tasked with developing a robust collaborative framework that aligns with the mutual interests of both organisations to benefit the Nigerian public.
The committee’s mandate covers several key areas such as policy framework development and will focus on jointly developing policy frameworks that leverage combined technical and intellectual expertise to enhance both social and conventional insurance markets among others.
During the meeting, NSITF managing-director Oluwaseun Faleye lauded the collaborative spirit of the NAICOM delegation while he emphasised that the initiative will significantly strengthen the insurance ecosystem.
He acknowledged the differences in mandates and operations between NSITF and NAICOM but stressed that harmonising their strategic interests would enhance national productivity.
Faleye also reiterated his administration’s commitment to improving operational efficiency and fostering extensive stakeholder engagement to realign the NSITF with its foundational objectives.
NAICOM CEO, Olusegun Omosehin, expressed his commitment to working closely with insurance institutions to consolidate the sector’s contributions, including social, conventional, and deposit insurance.
