Kano State Government is targeting increased Internally Generated Revenue (IGR) through the implementation of the different insurance policies made compulsory under the law.
The State is collaborating with the insurance regulator, the National Insurance Commission (NAICOM) towards the implementation of the insurance policies, which it hopes would also improve the socio-economic wellbeing of the citizens.
The compulsory policies include – Third-party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; Liability insurance cover in respect of all buildings under construction that are more than two floors; Liability insurance Cover in respect of all Public Buildings including Schools, Offices, Hotels, Hospitals, market shops, Shopping Malls etc.;
Others are Professional indemnity for all medical practitioners and hospitals; Group life insurance covered by all employers of labour for all their employees where there are more than 3 persons; and Annuity for retirees as provided under the Pension Reform Act 2014 as an option.
Abdullahi Umar Ganduje, the executive governor of Kano State speaking at a three-day retreat for the State Technical Committee for the Implementation of Compulsory Insurance Policy organised by NAICOM in Abuja said effective implementation of insurance policies is hoped would facilitate the state revenue generation drive.
Ganduje said the state government under his leadership would continue to support NAICOM’s activities in Kano State, stressing that the State Government has allocated a befitting office accommodation for the Commission at Sheik Nasiru Kabara Housing Estate, which will be used as her regional office in Kano.
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“As you are aware, we have appointed an 18-man State Technical Committee for Implementation of Insurance Policies in the State, under the Chairmanship of the Secretary to the State Government with a view to ensuring effective implementation of insurance policies, which we hope would facilitate our revenue generation drive.”
“Our expectation is that the committee will explore mechanisms that will ultimately translate into changing the tenets of revenue generation for sustainable implementation of meaningful developmental projects and policies for the overall good of our people.”
Sunday Thomas, commissioner for Insurance speaking at the retreat, noted that the speed at which the State Government has taken serious steps to implement the project has given the commission courage and confidence that insurance can indeed, thrive in Kano State in particular and Nigeria in general.
Thomas said the objective of the retreat is to equip members of the Committee with requisite information and knowledge to enable them to maximise opportunities that will help grow and develop insurance culture amongst Kano State citizens, boost internally generated revenue for the state and, as well serve as a social protection mechanism that will assist both.
“It is my belief that once Kano State gets this right, the story is going to be the same with other states in the region.”
“As one of the leading commercial nerve centres in the country with a huge population and business potentials, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country, create thousands of employment opportunities in the state, improve the standard of living of the people and increase the state’s internally generated revenue.”
