NAICOM partners HOS on group life insurance

Daniel

Chuks Udo Okonta

The National Insurance Commission (NAICOM), in a bid to ensure adequate protection for federal workers, is partnering the Office of the Head of Service of the Federation (HOS) to enhance implementation of the compulsory Group Life Insurance cover for workers.

A statement by Head, Corporate Affairs, NAICOM 'Rasaaq 'Salami, said      this was part of the outcome of a meeting between the two bodies on Tuesday when the management of the Commission led by the Chairman of the Governing Board, Hon. Chibudom Nwuche, paid a courtesy call on the Head of Service of the Federation Danladi Kifasi, in his office.   

In his opening remarks, Hon. Nwuche 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. He however notes that "the scheme has not operated without some challenges. These challenges range from availability of adequate data for proper administration, timely notification of claims and submission of supporting documents and appropriate pricing of the risk"

Nwuche requested the HOS to also look into the issue of insurances of federal government' assets and property; noting that the insurance of public buildings under which government buildings fall, is compulsory under the insurance Act of 2003 and NAICOM Act of 1997.

Commissioner for Insurance and chief Executive of NAICOM, Fola Daniel informed the HOS that the insurance industry is prepared to undertake the training of scheduled staff of the OHOSF, especially the officers involved with the management of the scheme to ensure justification/realisation of the set objectives of the scheme.

 

Daniel says 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 retiree's life"  

The HOS, Danladi 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 thanked the management of NAICOM and the insurance industry for the offer to provide training for scheduled staff and members of the scheme. He promised that the OHOSF 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.