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| Fola Daniel, Commissioner for Insurance |
Chuks
Udo Okonta
The National
Insurance Commission (NAICOM) has debunked reports by some media outfits on its
purported connivance with the office of the Accountant-General of the Federation
in the alleged diversion of N3.54 billion Police Group Life Insurance premium
to Custodian Life Insurance Company.
A
statement by the Assistant Director/Head, Corporate Affairs ‘Salami ‘Rasaaq, said
while it is not in the character of NAICOM to join issues with insurance
industry operators on the pages of Newspapers, it is however imperative to
present the facts before the press and members of the public to avoid being
further misled.
The
statement reads: “NAICOM hereby disclaims the allegations in the strongest
words possible and state thus: Commission is not involved in the
pre-qualification and selection process of awarding the Group Life Insurance
Policy (GLIP) of the Nigeria Police or any other Agency or organ to Insurance
Brokers or Underwriters.
“The Commission has no mandate to direct the
Accountant-General of the Federation to effect premium payment to any
particular insurance company or Broker for any insurance contract
·
“The
Commission therefore, could not, did not and will never have directed the
Accountant-General to make payment to Insurance Company A and not Company B in
a transaction she was never a party to and, moreover that which she has no
powers over. ·
“Having said this, it is however pertinent to
note that the Commission is aware that the Pension Reforms (Amendment) Act 2011
provided that “The categories of persons mentioned in section 291 and members
of the Armed Forces of the Federation in section 217 of the constitution of the
Federal Republic of Nigeria, 1999 and members of the Intelligence and Secret
Services shall be exempted from the Scheme.
“On the
strength of this amendment, available records in the Commission’s disposal
reveal that PENCOM wrote the Inspector General of Police on August 07, 2012 to
advise the Police Force “on the need to expedite action and solely/entirely
handle the Nigeria Police Force’s (NPF)Group Life Insurance Policy from 2013
financial year … and to make necessary arrangements to submit the 2013 budget
proposal on Police’s GLIP to the Budget Office of the Federation.”
·
Continuing
it said “The NPF in a letter dated August 16, 2012 duly intimated the DG,
Budget Office of their autonomy to manage their own Group Life Assurance Policy
separate from those of the civilians and other forces, and “we are making
arrangements for submission of 2013 budget proposal for the Nigeria Police
Group Life Assurance.” ·
Available
records in the Commission also shows that the NPF placed advertisement in the
Newspapers on Friday, February 22, 2013 for “pre-qualification of Contractors
for 2013 Recurrent/Capital Projects of the NPF” including procurement of Group
Life Assurance Scheme 2013 policy year as LOT 16.
·
From available records, a total of 20
insurance companies and 46 brokers participated in the pre-qualification
process conducted by the Police Procurement Office.
·
On
April 15, 2013 the PENCOM vide a letter advised the Office of Head of Service
to allow the NPF handle its GLIP separately.
·
On May 14, 2013 the NPF vide a letter,
appointed Hogg Robinson Nig. Ltd as “the Lead broker to handle the Scheme for
the year 2013. By this appointment, you will be expected to assist in getting
financial bids/quotes from the pre=qualified underwriters.”
·
Between
May 18 and 22, 2013 the underwriters submitted their quotes to the Lead Broker
who thereafter, May 30, 2013 to be precise advised the Police thus: “As
requested in your letter, we are pleased to forward herewith the various costs
and benefits submitted by the Assures for your considerations. In this
circumstance, we hereby recommend Custodian Life Assurance Company’s submission
for Leadership.” ·
Records
available to NAICOM shows that the NPF on June 5, 2013 vide a letter informed
the Office of Head of Service of the Federation of the approval granted by the
SGF “in his letter No. 59149/5 i/c/11/266 dated 20th July, 2012 to administer
its own Pension separately like the Army and SSS. We have now placed the 2013
GLIP with our underwriters and Brokers and have approached the Budget Office to
release the money to our lead underwriters/lead brokers.” ·
The
commission noted that consequently, the PENCOM vide a letter on May 27, 2013 to
the director general, budget office at the instance of the NPF stated that “the
Commission (PENCOM) has no objection to the request of NPF for the release of
the sum budgeted for the payment of premium on Group Life Insurance Policy for
2013 in favour of Nigeria Police Force to enable them manage the scheme
separately as envisaged.” ·
NAICOM
stated that from available records, there is nothing to suggest that it was
involved in the transactions.
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