Federal Fire Service, NAICOM to enforce compulsory public building insurance

By Rosemary Iwunze

INSURANCE

As part of efforts to edge up insurance acceptance in government circles, the National Insurance Commission, NAICOM, said that it is putting modalities in place to compel all federal government Ministries, Departments and Agencies, MDAs, to come out with guidelines for their insurances.

Commissioner for insurance, Mr Sunday Thomas, disclosed this at the seminar for journalists in Lagos over the weekend.

According to Thomas, NAICOM is only awaiting the approval of the Minister of Finance, Zainab Ahmed, for the initiative to take effect.

Thomas said: “One of the low hanging fruits is the government business. We know that a lot of government businesses are far from experiencing the benefits of insurance.

“To this effect, we are committed, especially in respect to the MDAs, to getting the concurrence of the honourable Minister for a guideline that will make it mandatory for all MDAs to make adequate provision for their insurances.”

Thomas stated that effective from June 2021, the corporate governance guideline has become effective to make sure that whatever resources put into the insurance sector is well protected.

He said that Risk Based Supervision, RBS, has become a reality and in two months time, the RBS will take off.

Thomas said: “The Commission is on numerous fronts to ultimately uptick insurance premium and create a new surge. 

The Commission is committed to grow life and non-life insurance operations as never done before and this includes resuscitating the moribund Insurers Committee to explore further ways of attending to insurance development and growth through operators participation in policy formulation.”

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