NAICOM, NEMSA to partner on improved insurance compliance

The National Insurance Commission (NAICOM) has stressed the need for the industry to collaborate with government agencies to transform the industry. The commission said this during a meeting with the Nigerian Electricity Management Services Agency (NEMSA) where both agencies signed a memorandum of understanding (MoU) on insurance enforcement.

At the signing ceremony held in Abuja, the Managing Director/Chief Executive Officer of NEMSA, Aliyu Tahir, highlighted the agency’s mandate to enforce technical standards and regulations and conduct inspections, testing and certification of electrical installations.

He emphasised the importance of synergy between NAICOM and NEMSA to ensure safety and mitigate risks.
Both agencies will work together to ensure the safety of lives and property as part of the content of the MoU.

NEMSA will certify electrical installations in residential, commercial and industrial premises while ensuring that facility applicants are insured by licensed insurance companies.

The partnership aims to mitigate potential risks, protect investments and promote economic growth, the parties said. The Commissioner for Insurance, Olusegun Omosehin, described the partnership as a “landmark strategy” that will foster development through collaboration and enforcement. He reaffirmed NAICOM’s commitment to achieving the expected compliance.

The Deputy Commissioner for Insurance Technical, Dr Usman Jankara, reassured the NEMSA delegation of NAICOM’s commitment to the partnership, emphasizing the importance of teamwork in achieving shared objectives.