NAICOM vows to make sure compliance with regulatory requirements

The Nationwide Insurance coverage Fee has maintained that it’s going to be sure that laws within the trade are complied with by one and all.

This was disclosed by the Commissioner for Insurance coverage, Mr. Olusegun Omosehin on the Insurance coverage Business Consultative Council Media Retreat on the School of Insurance coverage and Finance Administration, Aseese, Ogun State, just lately.

Omosehin, who was represented by the Deputy Director and Head, NAICOM Lagos Management Workplace, Dr. Julius Odidi, gave the keynote tackle on the retreat.

He stated, “NAICOM has continued to implement insurance policies that promote transparency, accountability, and solvency, making certain that the insurance coverage trade stays secure, affluent, and reliable.

“There are compliance points and to not go away anybody doubtful, the Fee is out to make sure compliance to regulatory requirements is 100 per cent noticed and adhered to by one and all. This, the Fee believes will improve the benefit of doing enterprise and drive insurance coverage progress and growth.”

He additionally listed main areas the insurance coverage trade targeted on to spice up progress and contribution to Nigeria’s financial system in 2024.

He stated, “At the moment, as we replicate on the progress made in 2024 and look ahead to the 12 months forward, we should acknowledge that the Nigerian insurance coverage trade, below the watchful eye of the Nationwide Insurance coverage Fee has made vital strides. We’ve got seen enhancements in regulatory frameworks, elevated consciousness of the significance of insurance coverage, and a extra strong partnership with stakeholders. Nevertheless, there’s nonetheless a lot work to be accomplished.’’

“Enhancing monetary inclusion- We’ve got labored tirelessly to make sure that extra Nigerians, particularly in underserved areas, have entry to reasonably priced insurance coverage services. The shift towards technology-driven options within the insurance coverage sector has been essential in driving effectivity, bettering turnaround time, growing market penetration, and offering modern companies to fulfill evolving prospects and stakeholders wants,” he added.

Chatting with the insurance coverage journalists on shared mission with the trade, he stated the function of the media extends past simply reporting on the trade. “You might be instrumental in educating the general public, dispelling myths, and fostering a tradition of danger administration. As trusted voices in the neighborhood, you might be in a singular place to affect attitudes towards insurance coverage, highlighting its vital function in safeguarding lives, property, and companies,” he concluded.