By ROSEMARY ONUOHA

The Federal Government is putting modalities in place to ensure that persons or organisations seeking federal government contract must show certificate of compliance to compulsory insurance in the country as a way of enforcing compulsory insurance.

Adviser to the Federal Government on insurance, National Insurance Commission, NAICOM, which made the assertion, noted that the move is part of efforts to ensure that Nigerians comply to compulsory insurance.

Speaking to journalists at a seminar organised by NAICOM in Benin, Edo State, Commissioner for Insurance, Mr. Fola Daniel, said that the Federal Government wants to focus on insurance as the next growth area for the economy.

Daniel said NAICOM engaged the Police in enforcement of compulsory insurance and prosecution of offenders but realised that the Police is overstretched, as such the Federal Government came in to assist through demand for certificate of compliance to compulsory insurance.

Recall that five insurance policies are compulsory by law and they are the third party motor insurance; group life insurance; occupiers liability; builders liability insurance; as well as professional indemnity insurance.

Daniel said that they are turning around the Market Development and Restructuring Initiative, MDRI, to deliver jobs, develop skills, build consumer trust and public awareness etc.

“We cannot have a strong economy unless we have a virile, robust and active insurance sector,” Daniel stated.

Daniel said that it is looking at potential intermediaries outside the conventional ones which are brokers and agents to sell insurance products and services such as petrol stations, shopping malls, etc.