Insurance World

NAICOM Reactivates Insurers Committee, Approves Review Of Third-Party Motor Policy

L-R:  Sabiu Bello Abubakar, Deputy Commissioner, Technical, National Insurance Commission (NAICOM);  Olorundare Sunday Thomas, Commissioner for Insurance/CEO, NAICOM; Ganiyu Musa, Chairman, Nigerian Insurers Association, and Tope Smart, group Managing Director/CEO, NEM Insurance Plc, during the Nigeria Insurers’ Committee meeting in Lagos on Thursday.

The National Insurance Commission (NAICOM) on Thursday reactivated Insurer committee.
The event which took place in Lagos was fully attended by top directors in the commission and chief executives of Insurance companies.

The Committee, which operated under a mandate to activate the industry’s change agenda, and strategically reposition the industry, was inaugurated on November 19, 2015 by the then Minister of Finance, Mrs. Kemi Adeosun.

L-R:   Salami Razaaq, Head Corporate Communications & Market Development, National Insurance Commission (NAICOM); Mrs. Yetunde Ilori, Director General/CEO, Nigerian Insurers Association (NIA), and Mrs Ebelechukwu Nwachukwu, Managing Director/CEO, NSIA Insurance Company Ltd, during the Nigeria Insurers’ Committee meeting (sub-media and publicity committee) briefing in Lagos.

The Insurers Committee birthed by the regulatory authority, the National Insurance Commission (NAICOM), is similar to Banker’s Committee.

The Committee, operated under a mandate to activate the industry’s change agenda, and strategically reposition the industry, was inaugurated on November 19, 2015 by the then Minister of Finance, Mrs. Kemi Adeosun.

Speaking after the meeting, the Vice- Chairman, Sub-Committee Publicity, Mrs Ebelechukwu Nwachukwu while addressing the media on some of the issues discussed by the committee announced the review of the third party motor Insurance policy.

According to her the committee has been directed by the commissioner to determine the adequacy of the current premium for the third-party motor insurance policy.

Nwachukwu who also doubles as Managing director of NSIA Insurance Company Limited noted that the technical subcommittee in conjunction with commission will be having a discussion to determine if there will be a change in the N5000 premium of the third-party insurance policy.

“when you have a third-party as a policy, it is necessary that from time to time that you will revisit it and the technical and actuarial people will start working on that.”

The subcommittee consist of the Corporate governance and ethics, Market Development, Customer Services, Technical and Publicity/ Communication subcommittee.

On IFRS 17 she said the commission has tasked  all operators to ensure that their data analysis and requirements are ready for the implementation of IFRS 17.

Her words: “IFRS 17 will change the note at which numbers are accounted for going forward, it is a very serious accounting structure that we need to take very serious.”

On financial inclusion she said that the operators are advised to show more interest in micro insurance and takaful insurance.
“What the commission wants us to do is to review the guidelines and get back to them if there is any issue on the operators side.

“Anything that will make the people show more interest on micro insurance the commission will like to get more feedback.”
On Ecowas brown card, she said they are looking at automatic policy,  enforcement of the brown card policy and issues around claims that have occurred.

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