PBA Reporter
The Minister of Finance, Hajya Zainab Ahmed has called on the National Insurance Commission, NAICOM to ensure a significant improvement in the claims settlement culture of the industry.
Hajya Zainab while addressing the Governing Board of NAICOM who paid her a courtesy visit on Tuesday said compliance to rules and standards should be enforced among the operators.
She said the Insurance regulator should also work towards improving the uptake of Insurance among Nigerians, through development of innovative and relevant Insurance products and policies.
In his remark, the Chairman of NAICOM Governing Board, Dr. Abubakar Sani said the Commission was working to solve Insurance failure through the institution of strong regulatory measures as well as enforce the professional code of ethics among Insurance entities.
Dr. Sani said the Commission will also revisit the subject of recapitalization of the Insurance Industry and will embark on an investment drive to raise funds for the sector.
It will be recalled that in May this year 2022, the minister had called on the Commission to improve public education on the importance of Insurance as well as ensure better claims settlement, in order to improve the Industry’s acceptance.
The National Insurance Commission, NAICOM regulates the practice and operations of Insurance in Nigeria. The Act of 1997 ensures the overall administration and supervision of the insurance business in Nigeria
It is only customary that for every professional field, there is an established body that regulates its practice.
For instance, the practice of Public Relations is regulated by The Nigerian Institute of Public Relations [NIPR].
Basically, the Financial Reporting Council of Nigeria sets accounting standards in Nigeria, while The Chartered Institute of Personnel Management [CIPM] regulates the practice of Human Resources.
This drives home the point that; established bodies oversee the practice, as well as supervision bordering certain professions.
The Insurance profession also boasts a governing body, called NAICOM. The body also protects insurance policyholders – the general populace, beneficiaries, and third parties to insurance contracts.
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