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Chuks Udo Okonta
This year, we are going to consolidate on all the new things that we introduced last year and ensure they are properly entrenched, the Commissioner for Insurance Fola Daniel, has said.
He disclosed this in an interview, adding that the commission having taken some far reaching steps especially the implimentation of no premium no cover, released of microinsurance and takaful guidelines and migration to International Financial Reporting Standard (IFRS), will ensured that they are properly rooted.
He said: "Two things happened last year. One, we successfully began the implementation of the policy of no premium, no cover and that has significantly improved the cash flow of insurance companies. Once you have an improved cash flow position, the ability to settle claims on time to the satisfaction of customers significantly improves.
"Another achievement is the successful migration to IFRS. Under this dispensation, there is more transparency, more information is given and our financial is achieving the desired credibility that is comparable with other jurisdictions. These are the two significant events in the last one year. Another milestone is the successful launching of Takaful and Micro-Insurance as developmental tools of deepening the market.
"This year, we are going to consolidate on all the new things that we introduced last year and ensure they are properly entrenched and of course we are looking more closely at governance issues of insurance institutions."
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