Insurers seek compliance certificate to enforce MDRI

Insurers seek compliance certificate to enforce MDRI Chuks Udo Okonta Insurance operators have called on the National Insurance Commission (NAICOM) to consider the introduction of compliance certificate in its review of the Market Developement and Restructuring Initiative (MDRI) to ensure full enforcement of compulsory insurances. The operators told Inspen that introduction of the certificate would make the public bidding for government businesses comply with the law on compulsory insurance. The President Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin, said the MDRI needs a level of law enforcement for it to thrive. He noted that the presentation of compliance certificate by individuals bidding for government's businesses, have helped in adherence to group life policy of the Pension Reform Act 2004. Adetimehin, noted that for the public to comply with the compulsory insurances, NAICOM should ensure there is a law to enforce it. President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, called for colloboration with the government in the enforcement of the compulsory insurances in the MDRI. She noted that though NAICOM has helped make some insurances compulsory, effort should be intensified on the enforcement of the laws. She said: "I think the government has a lot to do. Some of the compulsory insurances are not enforced. NAICOM has tried in supporting the industry, by making some businesses to be compulsory under the MDRI. But the implimentation and enforcement lie with the government either at state and federal levels." The Commissioner for Insurance Fola Daniel, has said NAICOM would this year review the operational guidelines of the MDRI to align it, for better performance. He said the review is one of the commission's programme for this year, but declined to give the time table for the review and release of the envisaged guidelines.