NAICOM Assures Insurers Of Regulatory Support Through Policies

The National Insurance Commission(NAICOM) has assured insurance companies, under the auspices of the Nigerian Insurers Association(NIA), of its supports to unveil developmental policies that will deepen insurance penetration in the country.

The commissioner for Insurance/CEO, NAICOM, Mr. Sunday Thomas, who stated this at the investiture of Olusegun Omosehin as the 25th chairman of NIA in Lagos on Thursday, promised operators that the commission would continue to support the insurance industry and especially, players by instituting policies that encourage equal access, investment of funds and healthy competition

To actualise the core mandate as an industry, he said, all parties must facilitate improved perception of the insurance industry, as public confidence in the industry depends, among other things, on how promptly and fairly they deliver on their promises and obligations to customers and stakeholders.

At the event, the new NIA chairman, Mr. Olusegun Omosehin promised that his administration will focus on creating strategic partnerships and stakeholders’ engagement to expand the frontiers of Insurance, while choosing four key areas in which his administration tend to achieve his plans.

He promised to ensure Market Discipline, Market Development & Respect for Market Agreements, Insurance Awareness & Partnership with the Media, Human Capacity Building and Leverage Technology, Digital & Innovation,

His administration, he stressed, will ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, Implement progressive market development initiatives and among others

Adding that the association will seek to leverage all the advantages that technology would provide in its quest to improve accessibility, affordability, adequacy, awareness and the availability of the right insurance products and services to the right custome, he said, his administration will “embrace openness and willingness to collaborate with intra and extra-industry stakeholders (including Fintechs, Insuretechs, etc.) to drive customer centric models for penetrating the market. Upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our public”

The association, he pointed out, will work closely with its regulatory body NAICOM in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry.