• Saturday, July 13, 2024
businessday logo


NAICOM sets up internal committee to drive transformation agenda

The National Insurance Commission (NAICOM) says it has set up an internal committee to ensure that the commission achieves its three-year insurance transformation agenda.
Salami Rassaq, the assistant director, corporate affairs in NAICOM, disclosed this to the News Agency of Nigeria (NAN) on Sunday in Abuja.
According to Rasaaq, membership in the committee is drawn across strategic directorates and units of the commission.
He said the mandate of the committee was to ensure that the commission maintained ownership of the agreed initiative as contained in the report of the summit.
According to him, the committee will ensure that all stakeholders performed their assigned responsibilities and also deliberate and make input on how the agenda would be achieved.
He said that the committee, which was inaugurated by Fola Daniel, the commissioner for insurance, would be headed by Mohammed Kari, the NAICOM deputy commissioner, technical.
“The internal committee was set up to ensure that there is effectiveness and that all the aspirations and plans on the transformation agenda were achieved by the industry.
“Apart from monitoring, they will make input and deliberations of both the subcommittee and the steering committee.
“They will also ensure that whatever goal assigned to NAICOM in the next three years is done in a seamless manner efficiently and effectively,” Rassaq said.
He said that NAICOM would boost the insurance industry through the implementation of the three-year insurance transformation agenda.
Rassaq said that a buoyant insurance sector would result to greater contribution to the country’s Gross Domestic Product and lead to a robust economy for Nigeria.
He said that with the support of the Federal Government, the commission would achieve its planned goal.
“There is no contractor today in this country that can do any contract without having a tax clearance, without the office asking for a certificate of compliance to PENCOM Act.
“When this is implemented, it will generate a lot of premium for the industry and we are hoping this will take effect from this year as already promised by the CME,” he said.
It would be recalled that the three-year agenda was proposed to triple the size of the insurance industry.
It is expected that in the next three years, the gross written premium of the industry will rise from 300 billion to one trillion.
The number of policy holders, people who are the insured, is expected to increase from the current number of three million people to 10 million in the next three years.
Also, the number of people employed in the industry is expected to move from the current position of 30,000 to 100,000 in the next three years.
According to Rassaq, the plan to achieve these goals is included in the four-point plan that had earlier been proposed by Ngozi Okonjo-Iweala, the minister of finance.
The plan includes the enforcement of public interest in compulsory insurance, job creation, building consumer trust and public awareness and also improved access to insurance.