The Commissioner for Insurance, Fola Daniel was delighted about the inauguration, as he put it, it is another step toward the implementation of Takaful guidelines
Category: Insurance & Pension
The insurance industry is an important component of the financial system in any country. Insurance helps in mitigating risks and thereby provides utility for individuals and also for corporations.
Part of the statement said: this system is to build an integration point for the various stakeholders involved in insurance policy issuance. Generate and provide a unique identification number for every policy issued, in order to track and provide relevant statistics on them. It will help to develop a capacity in NAICOM to record all policies issued by Nigerian insurance companies, the director said.
In a circular tiled “circular to all insurance companies: Outstanding claims NAICOM/CB/ ASA/RIC/-049” dated 20th January, 2015 and signed by Mohammed Kari, Deputy Commissioner for Insurance Technical, disclosed the commission determination to bring to an end the issue of unpaid claims in the industry
Daniel also revealed that the FSS2020 strategy was reviewed in May 12013 in the light of implementation experience and the need to focus efforts on fewer more impactful transformation programmes and installing a measurable implementation framework. The result of this effort was improvements in the key elements of the strategy. The transformation initiatives for the insurance industry were reduced to three main themes as follows: Mass insurance encouragement; improving insurance market conduct framework; coordination for insurance regulatory enforcement.
From L-R, Director-General Nigerian Insurance Association, Sunday Thomas, Representative of Commissioner for Insurance, Bankole Olabisi, President/Chairman of Council Chartered Insurance Institute of Nigeria, Bola Temowo , President National Association Of Insurance Correspondents (NAICO), Modestus Anaesoronye , and Representative of Lagos State Governor, Ben Akabueze, during the event.