INSURANCE & PENSION
he National Insurance Commission( NAICOM) Th a s e m b a r k e d o n rigorous wooing process to recruit states into its plan to grow the Nigerian insurance industry into an enviable height by 2020.
T h e D e p u t y Commissioner, Technical, N A I C O M, M r. S u n d a y T h o m a s, s a i d t h a t t h e Commission was working to collaborate with states to buy into compulsory insurance.
National Business recalls that NAICOM had visited the Ogun and Gombe state g o v e r n o r s t o s e e k c o l l a b o r a t i o n i n t h e enforcement of compulsory insurance. According to Thomas, arrangement is being made to speak to Governors Forum, to talk to all the governors to see where they stand in the implementation of compulsory insurances in their states.
NAICOM has also recently paid similar visit to the Kaduna State governor to seek the state ' s collaboration in e n f o r c i n g c o m p u l s o r y insurance in Kaduna and expressed desire to establish a branch office in the state.
Thomas said:“ Part of the selling point is the fact that it is going to enhance their e m p l o y m e n t i n i t i a t i v e, increase their internally generated revenue( IGR), among other advantages.”
T h o m a s t h e r e f o r e reiterated NAICOM ' s desire to c o l l a b o r a t e w i t h s t a t e governments to ensure the effective implementation of the second phase of the C o m m i s s i o n ' s M a r k e t D e v e l o p m e n t a n d Restructuring Initiative( MDRI).
The MDRI is aimed at addressing the issues of c o m p u l s o r y i n s u r a n c e products, insurance agency s y s t e m, f a k e i n s u r a n c e institutions and rusk based supervision.
It is a plan that aims to bring about necessary reforms in the areas of industry capacity, market efficiency and consumer protection in the Nigeria insurance market.
On claims payment, he said it was an important issue and the Commission would not shy away from carrying out its duties regarding claims.
H e n o t e d t h a t t h e Commission had the backing of the law to withdraw licences from companies for noncompliance but could only do that following the right
Monday, January 8- 14, 2018
NAICOM moves to boost insurance sector, woos states into 2020 target
Stories by BABATUNDE OSO
L-R: Director General, Nigerian Stock Exchange, Oscar Onyema, Commissioner for Insurance, Mohammed Kari and a guest, at the 8th Insurers Committee meeting at the NSE in Lagos... recently.
he 0.25 per cent premium collected from insurance Tcompanies to aid the enforcement of compulsory insurance for public buildings by the Federal Fire Service( FFS) has accumulated to about N100 million.
Insurance Commissioner, N a t i o n a l I n s u r a n c e Commission( NAICOM), Mohammed Kari revealed this after the inauguration of a Technical Committee to drive the enforcement of public building insurance in the country in Abuja.
Kari, who was represented by Deputy Commissioner for Insurance, Technical, Mr. S u n d a y T h o m a s, s a i d NAICOM, under the National Insurance Act 2003 had the responsibility of ensuring that public buildings and buildings under construction were insured.
H e n o t e d t h a t t h e collaboration with the fire service across the country will improve the level of compliance with Section 65 of the Act, which invariably will impact on the fire fund.
He said:“ The Act provides that 0.25 per cent of premium collected with respect to public buildings are supposed to be accumulated in the fire funds. But over time, these funds have not been forthcoming because the process for collection is not put in place.
“ Therefore, NAICOM in the spirit of transparency and allinclusive administration has decided to bring in those who know more about fire service into this activity. It is the responsibility of the committee t o a d v i s e t h e s t e e r i n g committee on how public b u i l d i n g f u n d s w i l l b e effectively and efficiently disbursed for firefighting in the country.
He added:“ We have the responsibility for collecting of funds, monitoring and also disbursing the funds for the purpose of improving fire activities in Nigeria.”
According to Kari, the steering committee planned on disbursing the funds for the purpose of training of staff of the fire service both at the federal and state levels.
He said a portion of the funds would be used to upgrade the activities of the academy of the federal fire service and refurbish / repair firefighting trucks and equipment.
He said some of the funds would be used for the purchase of vehicles for inspection, investigation and also for the purpose of publicity. The commissioner said that about N100 million had already been accumulated in the funds, adding that a template had been given to the market that would ensure proper enforcement for collection of more funds.
“ The amount has a potential of multiplying itself and unlike what we had, we have set a template by which this collection will be appropriately and adequately remitted into the commission.
“ But whatever we get in the collection is dependent on adequate enforcement of all the buildings that need to be insured. By public buildings, we mean all schools, hospitals, hotels, malls and offices and they have the responsibility to show evidence that they have complied with section 65 of the Insurance Act 2003,” he said.
The commissioner called on t h e c o m m i t t e e a n d a l l stakeholders involved to c o l l a b o r a t e, c r e a t e t h e necessary awareness so that the required result would be achieved.
He said that if this was done, it would reduce the alarming incidents of fire outbreaks and building collapse as the FSS would be adequately equipped to carry out their mandate. The technical committee is chaired by the Acting Director, Authorisation and Policy of NAICOM, Mr. Leonard Akah.
The Controller of Fire Service, represented by the Commandant, National Fire
11 procedures.
On implementation of the risk-based supervision of the Commission, Thomas said that a kind of pilot inspection was about to be conducted.
UNIBEN ex-workers commend PTAD chief
he University of Benin branch of the Nigeria TUnion of Pensioners( NUP), has passed a vote of confidence on the Director-General of Pensions Transitional Arrangement Directorate, PTAD, Mrs. Sharon Ikeazor, praising her for what they perceive as her unparalleled dedication to the cause of issues affecting pensioners in the country.
The union also passed a vote of confidence on the Director, Parastatals, Pension Department, Mr. Charles Awali, for“ his honesty and transparency in handling issues affecting the pensioners.”
NUP UniBenin Chairman, Michael Ehinyameh and General Secretary, Prince S. Momodu, said in a statement in Benin that the duo had worked tirelessly to ensure that the pensioners got what they deserved.
They said:“ The Congress, therefore, appealed to the Federal Government to release funds to PTAD to enable the directorate carry out and conclude pensioners ' verification exercise in Federal Universities.”
“ This should be done by January 2018 so as to eliminate in totality the menace of ghost pensioners in Federal establishments.”
Compulsory building insurance premium hits N100m
Service Academy, Mr. Callistus Agu, said the fund accumulated is a far cry to what the FSS required.
He expressed the desire and commitment of the FSS to move fire service activities in the country forward.
“ There is a huge gap between the Federal Fire Service and the State Fire Service which is not supposed to be so. It is important for the FSS to be strengthened both at the federal, state and local government levels to ensure economic development of the country.
“ We appeal to government to look into the premium assigned to the fire service as it was not enough to meet the demands of the service.”
The NIA, represented by the Head, Property and Risk Survey, Goldlink Insurance, Oni Soji, said the association is ready to partner with all stakeholders to drive the enforcement.