NAICOM warns MDAs, underwriting firms against guideline violation

The National Insurance Commission (NAICOM) has cautioned Ministries, Departments and Agencies (MDAs) against contravening any of the provisions of the Guidelines for Insurance of Government Assets and Liabilities.

The commission said that any insurance institution that fails to comply with the provisions would be penalised in line with extant insurance law and regulation.

NAICOM noted that such a penalty on non-performing operators could include blacklisting the defaulter from participating in the government insurance and withdrawing their operating licences.

Head of Corporate Communications and Market Development of NAICOM, ‘Rasaaq Salami, during an interview, said a multi-sectoral committee set up to oversee the full implementation of compulsory insurance, which includes the government’s assets, has commenced meetings, and also raised four sub-committees to ensure easy implementation of stipulated rules.

NAICOM is also ready to drag any MDA that contravenes the rules before the Secretary to the Government of the Federation, as the commission seeks to strengthen its oversight.