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NAICOM seeks FG support on enforcement of compulsory insurance

By Kehinde Ibrahim, Lagos

IN a bid to ensure the enforcement of compulsory insurance across the country, the National Insurance Commission (NAICOM) is seeking the support of the Federal Government.

To this end, the Board of Directors of NAICOM led by its Chairman, Dr Abubakar Sani, visited the Office of the Secretary to the Government of the Federation (OSGF), in Abuja, to secure the support of the SGF, Mr. Boss Mustapha.

The purpose of the visit to OSGF, by NAICOM, Dr Sani stated, was to discuss plans for strengthening the industry.

Dr. Maurice Mbaeri who represented the SGF said that compulsory insurance was critical for the growth of the nation’s economy.

He urged the commission to take a firm stance on payment of claims by insurance companies, as a means of developing the needed confidence among members of the public.

“Enforcement of compulsory insurance for the public and private sectors is good. It’s an area covered by your mandate. The government will help in this regard. The unseriousness of citizens towards insurance often springs from awful personal experiences.

“People lost interest in taking up policies because of lack of being indemnified. In some instances, insurance companies hide under funny circumstances to deny the insured their dues. Please look into this area to ensure people embrace insurance policies.

“The onus is on you, to send a draft copy of that letter on compulsory insurance and let the SGF know how to issue a service-wide circular for MDAs’ compliance. Send us the circular capturing all that you want and once it meets the expectation of the government, we will issue it. We will do all that is necessary to ensure the board and management meet their mandates.”

The Perm Sec. charged the board and management to keep to their roles to avoid conflicts, which he said was common across Departments and Agencies.

In his remarks, the Commissioner For Insurance, Mr Sunday Thomas explained that the operational licences of two insurance companies were revoked due to poor claims payment.

He promised not to compromise the sanctity of claims payment and that any insurance company that fails in that regard would be sanctioned.

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