Mr  Fola Daniel, the Commissioner for Insurance, National Insurance Commission (NAICOM), says the commission has put in place some strategies for the growth of the insurance industry.

Daniel told newsmen in Lagos that some of the strategies include: revision of the legal framework, and embarking on the Market Development and Restructuring Initiative (MDRI).

According to him, others are deploying robust Information and Communication Technology (ICT) platform, review of financial  reporting practices in the industry and investing in human capital development.

“The commission has instigated the revision of the legal frame work. The existing insurance laws are being repackaged into a consolidated legislation in line with the international best practices.

The insurance legislation is moving from all-time compliance base structure to main-frame structure that makes room for extensive use of regulations and guidelines to cover exigencies,” he said.

Daniel urged the executive arm of government to ensure early passage of a bill on revision of insurance legal framework pending before the National Assembly.

According to him, the commission has also carried out review of financial reporting practices in the industry. He said it has issued a circular to draw the attention of the operators to those practices that were not in compliance with the Companies and Allied Matters Act (CAMA).

The commissioner said the changes brought about by the circular would be seen in the financial reporting of insurance companies for the year ending 2009.