NAICOM to meet stakeholders on business retention within the country

By Rosemary Onuoha

THE National Insurance Commission, NAICOM, is set to meet with directors of insurance companies and major policy holders in Nigeria to strategise and ensure the local retention of insurance business and premium within the country.

The regulatory body will also use the opportunity to inform them of the implementation of the Commission’s regulatory priorities for the industry in 2017.

In a statement released, yesterday, NAICOM said that the move is in furtherance of its commitments to ensure all stakeholders are adequately informed of developments in the sector and plans for progress. It is also intended to remind the directors of their roles and responsibilities in the effective and efficient management of their respective companies as key drivers of performance.

NAICOM stated: “The interactive sessions will be held on separate dates in July and August, 2017. Both sessions will offer opportunities for exchange of information and ideals between the regulator and the stakeholders. It is also an opportunity for insurance consumers to directly interface with the regulator and express their concerns with industry operators if any. Major insurance consumers from the manufacturing, aviation, oil and gas, marine, transport, construction, health and financial sectors of the economy are expected to attend the session.

“Issues bordering on appropriate pricing of insurance, risk based capital, corporate governance, service delivery, insurance penetration, local retention of insurance in line with NAICOM’s regulations and as well the local content Act, consumer protection, prompt settlement of genuine insurance claims amongst others will be discussed at the meetings.”

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