Two Years Licence Renewal Policy Begins In 2020 – NAICOM
The National Insurance Commission (NAICOM) will in 2020 kickstart a 2-year licence renewal policy for insurance brokers and loss adjusters
The Director, Policy and Regulation Directorate, NAICOM, Pius Agboola, stated this at the ongojng 2020 NAICOM seminar for insurance journalists in Kano, stressing that the commission has released the guidelines for the implementation.
Meanwhile, the Acting Commissioner for Insurance, Sunday Thomas, has disclosed that the second phase of the Market Development and Restructuring Initiative” (MDRI) will soon be unveiled which will set clear targets for all stakeholders in the insurance sector.
“Going forward, we shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the Country. We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.” he said.
While stating that the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of strategic National Assets, he promised that the commission will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance.
Speaking on the recapitalisation exercise, he said the move is to ensure that insurance industry becomes more robust in its technical competence and financial base, building confidence, trust and enhancing market value.
This, he stressed, is aimed at repositioning the sector for self-actualisation in terms of growth and development.
He also noted that the financial inclusion strategy has been central to the Federal Government developmental plan, adding that the commission, has, over the years, invested hugely in the development of financial inclusion mechanisms which includes the introduction of Microinsurance and Takaful Insurance products.
The Commission shall continue to deploy more energy and resources in building public trust and confidence in insurance despite years of poor perception, he said.
According to him, annuity business has been making headlines recently with a boost in the contribution of the business to the sector.
The public, he added, is becoming more exposed and knowledgeable about the workings of Annuity, expecting that this will continue as the future is looking very bright for annuity business. This has also shown a positive growth in trust and confidence in the insurance sector, he pointed out.