NAICOM to consolidate on reforms in 2015

From left: Director Supervision NAICOM, Nicholas Opara; Deputy Commissioner Finance and Administration NAICOM, George Onekhena and  Director Research Strategy and Information Technology, Adamu Balanti at the 2015 Seminar for Insurance Correspondents in Benin City, Edo State.

Chuks Udo Okonta

The National Insurance Commission (NAICOM) would this year consolidate on reforms initiated in the past seven years, the Commissioner for Insurance Fola Daniel, has said.

He disclosed this at the 2015 Seminar for Insurance Correspondents, with the theme: Transforming the Nigeria Insurance Sector; the Three Years Agenda, held in Benin City, Edo State.

These reforms according to him include, the microinsurance and takaful initiatives, no premium no cover, International Financial Reporting System (IFRS), risk base capitalisation and others.

He noted that these reforms were anchored on the Market Development and Restructuring Initiative (MDRI), which is now transformed into Transforming the Nigeria Insurance Sector; the Three Years Agenda, being driven by the Federal Government through the Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala.

He added that the transformation is expected to translate into enforcement of public insurance; delivering more job/skill; building consumers trust and awareness and increasing access to insurance.

He said the enforcement of No Premium No Cover by the Commission which is one of the reforms is the biggest thing that happened to the industry in 2014.

It has helped raised the cash flow of insurance companies, adding that the initiative has also helped reduced complaints on non settlement of claims, as insurers now respond to their claims responsibilities due to their financial liquidity, he said.

On the International Financial Reporting System (IFRS), Daniel disclosed that the initiative has brought transparency and that the commission would continue to make progress with the reforms already entrenched.