By Adedapo Adesanya
The National Insurance Commission (NAICOM) has said that from the second quarter of the year, it will start issuing a 2-year license renewal process for insurance brokers and loss adjusters.
This was disclosed by the Director, Policy and Regulation, NAICOM, Mr Pius Agboola, on the sidelines of the 2020 ongoigng NAICOM seminar for insurance journalists in Kano State,
He added that the insurance regulatory body had released the guideline last week for the implementation of the initiative.
On his part, the Acting Commissioner for Insurance, NAICOM, Mr Sunday Thomas, disclosed that the second phase of the Market Development and Restructuring Initiative (MDRI) would soon be unveiled and will mark out clear targets and tasks for all stakeholders in the insurance industry.
“Going forward, we shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the country.
“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,” he said also at the event.
Mr Thomas further stated that the implementation of compulsory classes of insurance across the country will help protect national assets, adding that NAICOM was ready to work with the relevant authorities to monitor for adequate compliance.
Touching on the recapitalization effort by the regulatory body, he said the exercise was a move to ensure that the insurance sector has a better financial base for self-actualisation as well as improve trust and confidence by having a strong market value.
He also added that NAICOM was on board the federal government’s plan for driving financial inclusion, saying the commission had put in place inclusion institutions which includes the Microinsurance and Takaful Insurance products.
