NAICOM steps up campaign on insurance of government assets and liabilities
NAICOM’s Spokesman, Mr. Abdulrasaaq Salami addressing participants at the sensitization workshop organized by NAICOM for Insurance Desk Officers of Ministries, Departments and Agencies (MDAs) of the Federal Government on the importance of Insurance of Federal Government Assets in Abuja recently
The insurance industry’s primary regulator, the National Insurance Commission of Nigeria (NAICOM) through it’s scribe, the Commissioner for Insurance, Mr. Sunday Thomas at a recent industry event emphasized the need to insure government assets and liabilities just as he revealed that most assets and liabilities of government are never adequately and appropriately insured.
He said NAICOM is mandated through provision of Section 7 (d) of the National Insurance Commission (NAICOM) Act 1997 to ensure adequate protection of strategic government assets and other properties, adding that Section 7 (f) of the Act also provides that the Commission shall act as Adviser to the Federal Government on all insurance related matters.
Speaking at the sensitization workshop organized by NAICOM for Insurance Desk Officers of Ministries, Departments and Agencies (MDAs) of the Federal Government on the importance of Insurance of Federal Government Assets in Abuja recently, Mr. Thomas said “This Workshop is being convened as part of ongoing efforts to apprise participants of their roles in ensuring adequate protection of assets and liabilities of Government.
He said it has become necessary to put in place measures to guide Ministries, Departments and Agencies (MDAs) on procuring adequate insurances for assets under their watch. Furthermore, let me bring to your attention the
While calling for the full cooperation of the MDAs to enable the Commission better achieve this task, he pointed out that the workshop and the subsequent ones to follow are part of the drive to achieve the above mandate as enshrined in extant laws.
He said the Commission is worried that most assets and liabilities of government are never adequately and appropriately insured, stating that urgent measures will be put in place by the Commission to ensure that government gets value for money in the purchase of insurance by MDAs even as he pledged the Commission’s desire to change this narrative for good.
The essence of Insurance of Government Assets and Liabilities, Thomas said, “is to cushion the impact and reduce the burden that the government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, etc, thereby saving the government money which can be channeled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.”
MDAs Desk Officers and NAICOM Officers in a group photograph after the event
NAtICOM seeks MDAs’ Desk Officers support for enforcement of compulsory insurance
The National Insurance Commission of Nigeria (NAICOM) is seeking the support of Desk Officers of Government Ministries, Departments and Agencies (MDAs) in the implementation of the compulsory insurance initiative within the government circles.
The Commissioner for Insurance/Chief Executive Officer, NAICOM, Mr. Sunday Thomas, made the appeal at the sensitization workshop organized by NAICOM for MDAs Desk Officers on insurance of Federal Government Assets and Liabilities recently in Abuja.
He said the Commission is relying on MDAs to help domesticate the Initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurances in their various MDAs.
“As you may be aware, NAICOM in 2009, launched the Market Development and Restructuring Initiative (MDRI) project which aimed at creation of awareness on compulsory insurance products, education of the public on the long-term benefits of insurance to policyholders and the economy at large, among others. While NAICOM bore the responsibility of disseminating key messaging on the benefits of compulsory insurance, we relied on Government Ministries, Departments and Agencies to help domesticate the Initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurances in their various MDAs.
“As follow-up to the success of previous nationwide awareness campaigns for compulsory insurance, NAICOM is moving the bar a notch higher. Therefore, this Sensitization Workshop is aimed at equipping insurance desk officers with the necessary tools to ensure that all MDAs have adequate insurance coverage for all government assets and liabilities to curb wastage occasioned by losses of uninsured assets,” NAICOM boss explained.
Thomas expressed optimism that insurance desk officers will now have the capacity to gauge the insurance protection needs of government assets under their purview and provide their principals with technical advice on the required insurance coverage for government assets and liabilities.
He noted that building the capacity of insurance desk officers, enthroning transparency and accountability to ensure that government gets value for money in the purchase of insurance thus taking us all a step further in contributing effectively to the economic growth and development of Nigeria is an ongoing project of the Commission.
He said the Commission counts on the support of the MDAs as government representative and critical stakeholder in the insurance value chain to ensure a successful workshop for the benefit of all stakeholders, adding that the Commission expects much better participation in the next batches lined up to educate MDAs of their responsibilities and the benefits inherent in the consumption of insurance products and services.
