• Saturday, December 09, 2023
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Experts want NAICOM to introduce compliance certificate for compulsory insurance


Insurance experts have called on the National Insurance Commission (NAICOM) to adopt the use of compliance certificates in enforcing compulsory insurances under the Market Development and Restructuring Initiative (MDRI) programme of the Commission.

According to him, introduction of the certificate would ensure that the public bidding for government businesses comply with the law on compulsory insurance.

Wole Adetimehin, the president, Chartered Insurance Institute of Nigeria (CIIN) told Ispenonline that MDRI needs a level of law enforcement for it to thrive.

He noted that the presentation of compliance certificate by individuals bidding for government’s businesses, have helped in adherence to group life policy of the Pension Reform Act 2004.

Adetimehin noted that for the public to comply with the compulsory insurances, NAICOM should ensure there is a law to enforce it.

Laide Osijo, president, Nigerian Council of Registered Insurance Brokers (NCRIB) on her own called for collaboration with the government in the enforcement of the compulsory insurances underthe MDRI programme.

She noted that though NAICOM has helped make some insurances compulsory, effort should be intensified on the enforcement of the laws. She said: “I think the government has a lot to do. Some of the compulsory insurances are not enforceable under the present legislation. NAICOM has tried in supporting the industry, by making some businesses to be compulsory under the MDRI. But the implementation and enforcement lie with the government either at the state or the federal level.”

NAICOM has said it would review the operational guidelines of the MDRI to align it, for better performance.