NAICOM to consolidate on insurance reforms

The National Insurance Commission (NAICOM) said on Thursday that in 2015 it would endeavour to consolidate on reforms initiated in the past seven years.

The Commissioner For Insurance, NAICOM,  Fola Daniel, said in a statement issued in Lagos that NAICOM would consolidate on reforms in such areas as micro insurance and Takaful Initiatives.

Daniel said that the commission would consolidate on no-premium-no-cover, International Financial Reporting System (IFRS), risk-based capitalisation, among others.

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He said the reforms were focused on the Market Development and Restructuring Initiative.
He said the insurance sector reform would deliver more jobs and skill; build consumers trust and awareness and increase access to insurance.

Daniel said that the no-premium-no-cover policy had helped raise the cash flow of insurance companies and reduced complaints on non-settlement of claims.