The Nigerian Insurers Association (NIA) has called on the National Insurance Commission (NAICOM) to implement the industry’s 10-year developmental plan before the end of the second quarter of the year.
The association also requested the commission to lobby for swift passage of the Consolidated Insurance Bill, a document with the House Committee on Insurance and Actuarial Matters, the House of Representatives.
The NIA made the call in a presentation when its governing council led by the incoming Chairman, Kunle Ahmed, paid a courtesy visit to the commission in Abuja at the weekend.
The delay in passing the bill has been a major concern in the industry and it is pulling the plug on efforts to implement risk-based capital (RBC), a recapitalisation model that allows insurance operators to take risks based on the size of their capital.
The bill, which has been in the pipeline for over 14 years, seeks to create a regulatory environment that allows the regulator to implement critical market reforms in the market.
Speaking at the meeting, the incoming NIA Chairman extended congratulations to the recently appointed management team of NAICOM and expressed gratitude to the commission for its pivotal role in maintaining a fair and stable sector.
He stressed the need for initiating the implementation of the 10-year strategic plan and finalising the consolidated insurance bill.
He expressed his willingness to collaborate with the new NAICOM leadership, expressing confidence in the ability of the team to elevate the insurance sector to greater heights.
The Commissioner for Insurance, Segun Omosehin, assured of continued collaboration with the association to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims.
