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Given its successes in 2014 as the insurance regulatory authority, the National Insurance Commission (NAICOM) has assured stakeholders in the sector that it will consolidate on reforms initiated in the past seven years in 2015. The Commissioner for Insurance, Mr. Fola Daniel made the disclosure at a seminar with the theme: Transforming the Nigerian Insurance Sector: The three years agenda, held in Benin City, Edo State recently.
These reforms, according to him, include the Micro-insurance and Takaful initiatives; No premium, No cover; International Financial Reporting System (IFRS), risk-based capitalisation and others.
Daniel noted that these reforms were anchored on the Market Development and Restructuring Initiative (MDRI), which metamorphosed into Transforming the Nigerian Insurance Sector; the Three Years Agenda, being driven by the Federal Government through the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.
He added that the transformation is expected to translate into enforcement of public insurance; delivering more job/skill; building consumers trust and awareness and increasing access to insurance.
‘‘The enforcement of “No Premium No Cover” by the Commission is one of the reforms and the biggest thing that happened to the industry in 2014.
It has helped raised the cash flow of insurance companies and reduced complaints.”
By Pita Ochai