NAICOM to apprise insurance directors, major policyholders on developments in industry

Management of National Insurance Commission (NAICOM) is set to hold interactive sessions with directors of insurance companies and major policyholders in Nigeria.
The major thrust of the meetings with the stakeholders is to apprise them of the implementation of the Commission’s regulatory priorities for the industry in 2017, as well as strategies to ensure the local retention of insurance business and premium within the country.
Rasaaq Salami, head, corporate affairs, NAICOM, said this in furtherance of the Commission’s commitments to ensure all stakeholders were adequately informed of developments in the sector and NAICOM’s plans for progress.
It is also intended to remind the directors of their roles and responsibilities in the effective and efficient management of their respective companies as key drivers of performance.
“The interactive sessions will be held on separate dates in July and August, 2017. Both sessions will offer opportunities for exchange of information and ideals between the regulator and the stakeholders. It is also an opportunity for insurance consumers to directly interface with the regulator and express their concerns with industry operators if any.
“Major insurance consumers from the manufacturing, aviation, oil and gas, marine, transport, construction, health and financial sectors of the economy are expected to attend the session,” Salami said.
He informed that issues bordering on appropriate pricing of insurance, risk based capital, corporate governance, service delivery, insurance penetration, local retention of insurance in line with NAICOM’s regulations and as well the Local Content Act, consumer protection, prompt settlement of genuine insurance claims, among others, would be discussed at the meetings.
“The meetings are coming on the heels of the special training session on corporate governance and compliance endorsed by NAICOM for directors of insurance companies which was held recently,” he said.
It would be recalled that the Commission in January this year issued an industry circular that highlighted its regulatory priorities for 2017. Recognising the recent changes in the boards of insurance companies in compliance with the corporate governance code of the Commission, these interactions become more imperative in order to expose the new directors to the workings of the industry.

Modestus Anaesoronye