NAICOM in­creases bro­kers, loss ad­justers’ li­cence re­newal pe­riod

The Punch - - MONEY - Nike Popoola

The Na­tional In­sur­ance Com­mis­sion has ex­tended the li­cence re­newal pe­riod of in­sur­ance bro­kers and loss ad­justers from one year to two years.

The Di­rec­tor, Pol­icy & Reg­u­la­tion Di­rec­torate,

NAICOM, Pius Ag­boola, dis­closed this in Kano on Mon­day dur­ing a sem­i­nar for in­sur­ance re­porters with the theme, ‘Strate­gic fo­cus of the com­mis­sion in the year 2020: From com­pli­ance to devel­op­ment’.

he said, “We have re­leased guide­lines on the new re­newal dates for li­cences of the bro­kers and loss ad­justers which will com­mence in April 2020. The re­newal date has been changed from one to two years.”

The act­ing Com­mis­sioner for In­sur­ance, Mr Sun­day Thomas, said the sec­ond phase of the Mar­ket Devel­op­ment and Re­struc­tur­ing Ini­tia­tive would soon be un­veiled, which would mark out clear tar­gets and tasks for all stake­hold­ers in the in­dus­try.

Go­ing for­ward, he said it would vig­or­ously pur­sue the im­ple­men­ta­tion of com­pul­sory in­sur­ance in ev­ery nook and cranny of the coun­try.

he said, “We are cer­tainly not un­aware of the chal­lenges in­hibit­ing the suc­cess­ful im­ple­men­ta­tion of these classes of in­sur­ance thus far, hence our re­solve to work with rel­e­vant stake­hold­ers to en­sure a seam­less drive.

“In­deed, the suc­cess­ful im­ple­men­ta­tion of com­pul­sory classes of in­sur­ance across the na­tion will en­sure ad­e­quate pro­tec­tion of our strate­gic na­tional as­sets. We will be work­ing with the rel­e­vant se­cu­rity agen­cies to guar­an­tee ef­fec­tive and ef­fi­cient mon­i­tor­ing of com­pli­ance.”

he said that the com­mis­sion would con­tinue to de­ploy more en­ergy and re­sources in build­ing pub­lic trust and con­fi­dence in in­sur­ance de­spite years of poor per­cep­tion.

Thomas also men­tioned that the an­nu­ity busi­ness made head­lines re­cently with a boost in the con­tri­bu­tion of the busi­ness to the sec­tor.

he noted that the pub­lic was be­com­ing more ex­posed and knowl­edge­able about the work­ings of an­nu­ity.

“This, we ex­pect, will con­tinue as the fu­ture is look­ing very bright for the busi­ness as we have wit­nessed. This has also shown a pos­i­tive growth in trust and con­fi­dence in the sec­tor,” he said.

Photo: KPMG

•L-R: Part­ner, Strat­egy and Cus­tomer Ex­pe­ri­ence, KPMG in Nige­ria, Ngozi Chi­dozie; Fin­tech Re­searcher, Meaghan John­son; Coun­try Man­ager, Opay, Ini­abasi Ak­pan;and Man­ag­ing Di­rec­tor and Head of Fin­tech & In­no­va­tion, KPMG Cen­tre of Ex­cel­lence, Is­rael, Meital Ra­viv, at the 2019 KPMG Dig­i­tal Sum­mit in La­gos... re­cently.

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