NAICOM pushes FG compliance on compulsory insurances

Insurance sector regulator, the National Insurance Commission (NAICOM), is seeking support of the Office of the Head of Service (HOS) of the Federation to deepen compliance on different compulsory insurances prescribed under the insurance law.

The commission believes that full compliance by government in insuring the life of its workforce as well as assets and property of government would serve as point of reference to encourage private sector compliance.

Chibudom Nwuche, chairman of the governing board of NAICOM, who made the remark during a courtesy call on the Head of Service (HOS) of the Federation, Danladi Kifasi, in his office in Abuja expressed the appreciation of the commission to the HOS for the success achieved so far in the implementation of the Pension Reform Act of 2014 as it relates to the Group Life Insurance scheme for federal workers.

Nwuche requested the HOS to also look into the issue of insurances of Federal Government’s assets and property, noting that the insurance of public buildings under which government buildings fall into is compulsory under the Insurance Act of 2003 and NAICOM Act of 1997.

Fola Daniel, commissioner for insurance, informed the HOS that the insurance industry is prepared to undertake the training of scheduled staff of the office of the HOSF, especially the officers involved with the management of the scheme to ensure justification/realisation of the set objectives of the scheme.

Daniel said the industry would also provide “specific preventive health training for members on the scheme based on the outcome of the information gathered from the experience analysis of the data in our possession and, the enlightenment of scheme members who are close to retirement on financial planning like choosing annuity to ensure stream of income for the rest of retirees’ life”.
Responding, Kifasi expressed the preparedness of his office to continue the collaboration with NAICOM to ensure continuing success of the scheme.
He pledged to support the commission in the enlightenment and education of both scheduled staff and scheme members especially in the area of financial planning.
He promised that his office will remain transparent but strict in subsequent bidding and selection processes to appoint brokers and underwriters for the Group Life Insurance scheme for federal workers.