FG Expresses Willingness to Insure all Assets As Insurers Committee Comes Alive
Federal Government has expressed willingness to insure all its assets as the National Insurance Commission (NAICOM reactivated the Insurers Committee.
The Committee was inaugurated on November 19, 2015 by the then Minister of Finance, Mrs. Kemi Adeosun with the mandate to strategically reposition the industry.
Briefing the press on the outcome of the Committee Meeting which took place in Lagos yesterday, the Head, Publicity Sub-Committee of the Insurers’ Committee and Managing Director, NSIA Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said Ministry of Finance would be meeting with insurance operators to work out plans for the provision of insurance for all assets of government
She noted that the Federal Government had expressed willingness to insure all its assets, stressing that insurance operators would be having a meeting with the Ministry of Finance to work out premium payment for the assets.
She noted that the insurance sector operators are excited over the government’s concern to insure all its assets.
On the third party motor Insurance policy, she said the committee has been directed by the commissioner to determine the adequacy of the current premium for the third-party motor insurance policy.
Nwachukwu who also doubles as Managing director of NSIA Insurance Company Limited noted that the technical subcommittee in conjunction with the commission will be having a discussion to determine if there will be a change in the N5000 premium of the third-party insurance policy.
“when you have a third-party as a policy, it is necessary that from time to time that you will revisit it and the technical and actuarial people will start working on that.”
The subcommittee consists of the Corporate governance and ethics, Market Development, Customer Services, Technical and Publicity/ Communication subcommittee.
On IFRS 17 she said the commission has tasked all operators to ensure that their data analysis and requirements are ready for the implementation of IFRS 17.
Her words: “IFRS 17 will change the note at which numbers are accounted for going forward, it is a very serious accounting structure that we need to take very seriously.”
On financial inclusion, she said that the operators are advised to show more interest in microinsurance and takaful insurance.
“What the commission wants us to do is to review the guidelines and get back to them if there is an issue on the operators’ side.
“Anything that will make the people show more interest on microinsurance the commission will like to get more feedback.”
On Ecowas brown card, she said they are looking at automatic policy, enforcement of the brown card policy and issues around claims that have occurred.
Those at the Nigeria Insurers’ Committee meeting in Lagos on Thursday included Olorundare Sunday Thomas, Commissioner for Insurance/CEO, NAICOM; Sabiu Bello Abubakar, Deputy Commissioner, Technical, National Insurance Commission (NAICOM); Ganiyu Musa, Chairman, Nigerian Insurers Association, Tope Smart, Group Managing Director/CEO, NEM Insurance Plc; Salami Razaaq, Head Corporate Communications & Market Development, National Insurance Commission (NAICOM); Mrs. Yetunde Ilori, Director General/CEO, Nigerian Insurers Association (NIA); Mrs Ebelechukwu Nwachukwu, Managing Director/CEO, NSIA Insurance Company Ltd, and Mr. Segun Omosehin, Managing Director, Old Mutual Nigeria Life Assurance Company Ltd amongst others.
