The National Insurance Commission (NAICOM) has said it will commence a 2-year licence renewal process for insurance brokers and loss adjusters by April 1, 2020.
Pius Agboola, director, Policy and Regulation Directorate, NAICOM, disclosed this at the 2020 NAICOM seminar for insurance journalists held in Kano, Kano State, adding that the commission has released the guideline for the implementation of the initiative.
Giving his welcome address at the seminar, Sunday Thomas, acting Commissioner for Insurance, said the second phase of the Market Development and Restructuring Initiative” (MDRI) will soon be unveiled and that the regulatory body will mark out clear targets and tasks for all stakeholders in the insurance industry.
According to him “Going forward, we shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the ountry. We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.”
While stating that the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of strategic National Assets, he promised that the commission will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance.
On the ongoing recapitalisation exercise, he said, the essence of the recapitalisation is a move to ensure that insurance industry becomes more robust in its technical competence and financial base, building confidence, trust and enhancing market value.
This, he stressed, is aimed at repositioning the sector for self-actualisation in terms of growth and development.
Stressing that the financial inclusion strategy has been central to the Federal Government developmental plan, he said, the commission, has, over the years, invested hugely in the development of financial inclusion mechanisms which includes the introduction of Microinsurance and Takaful Insurance products.
The Commission shall continue to deploy more energy and resources in building public trust and confidence in insurance despite years of poor perception, he promised.
According to him, annuity business has been making headlines recently with a boost in the contribution of the business to the sector.
The public, he added, is becoming more exposed and knowledgeable about the workings of Annuity, expecting that this will continue as the future is looking very bright for annuity business. This has also shown a positive growth in trust and confidence in the insurance sector, he pointed out.
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