NAICOM seeks collaboration with Insurance Industry, law enforcement agencies 

National Insurance Commission (NAICOM), has called for collaboration between the commission, insurance industry professional and the law enforcement agencies to enable the commission achieve it’s mandates .

Head, South East zone of NAICOM, Cliff Chukwuani, made the appeal on Saturday, during the  Insurance Special Day at the ongoing 34th Enugu International Trade Fair in Enugu.

Chukwuani said that such collaboration was long overdue. According to him, the principal object of the Commission is  to ensure the effective administration, supervision, regulation and control of insurance businesses in Nigeria.

He said ,”Section 7(f) of NAICOM Act 1997 directs us to advice the Federal Government and by implication States Government, MDAS and to also cause general insurance enlightenment and awareness by advising on some government related insurance matters such as enforcement of compulsory insurances such as Third Party Motor Insurance, provision of Group Life Insurance Benefits to the Civil Servants of Nigeria, insuring of buildings under construction of more than two(2) floors, insuring of public buildings such as Hotels, Guest Houses, Market Plazas and Healthcare Professional Liability Insurance.

“It may interest us to note that compulsory insurances had been in existence since 2003, when Insurance Act 2003 was released to the Nigerian insuring public. 

“This Act mandates us to ensure and enforce strict compliance on those insurances made compulsory by law. Compulsory insurances such as:

The Compulsory Group Life Insurance (Under Sec 9(3) of the Pension Reform Act 2004); Motor 3rd Party Liability (Under Sect 68 of the Insurance Act 2003)”, he said 

Other compulsory insurances  are  Liability Insurance (Under Sect 64 of the Insurance Act 2003), the Occupiers Liability Insurance (Under Sect 65 of the Insurance Act 2003);and

the Healthcare Professional Liability Insurance (Under Sec 45 off the National Health Insurance Scheme Act 1999).

He added that other core mandate of NAICOM is  reawakening of insurance business awareness to protect lives and properties of citizenry. 

“It is our avowed intention to ensure that these objectives are achieved  ,therefore, the needed collaboration between. NAICOM, Insurance Industry Professional and law enforcement agencies 

“We further believe that the enforcement of the newly increased Third Party Motor Insurance business can increase the IGR of Enugu State and entire South East States through collaborative efforts with NAICOM, Insurance Industry Professional and all motor users. 

“The newly introduced Third Party Motor Insurance has improved features such as Third Party Compensation of close to 3 Million on property damage which hitherto was not the case before and other benefits. That is why we are having this meeting today to solicit for everybody’s collaboration and understanding including the Operators, enforcement agencies and the insuring public,”  Chukwuani said.

Earlier in a welcome address, the president of the Enugu Chamber of Commerce, Industry,Mines and Agriculture, ECCIMA, Jasper Nduagwuike, ,commended NAICOM for participating in the fair. 

He said, NAICOM has for the past two years been a great partner with ECCIMA, in the hosting of Enugu International Trade Fair.

Nduagwuike, who was represented by the first Deputy president, ECCIMA, Sir Odega Jideonwu, said that the place of NAICOM in the development of the national economy is very important and key, especially in the insurance sector.

“As we are aware, the regulatory role, operational and promotional services as well as in the area of safety and capacity building as being undertaking by NAICOM are meant to ensure global best practices in the industry. 

“No doubt, the improved services and guarantee of cover by the insurance

companies in the recent time have greatly boosted Trade, Industry and

Commerce and without the critical role being played by NAICOM, this would

not have been possible.

“It is therefore fulfilling that NAICOM is  alife to her responsibilities and role in ensuring appropriate and satisfactory cover over businesses and citizens, hence using the platform of business concourse like the Enugu International Trade Fair to reach out and interact with the business community”, ,” Nduagwuike said. 

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