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NAICOM Seeks, Gets KNSG Buy-In for Compulsory Insurance Implementation

The National Insurance Commission (NAICOM) has requested for the support and buy-in of the Kano State Government for the implementation of compulsory insurance schemes in the state, stressing that it is a viable source of revenue generation.

This appeal was made by the Chief Executive ofNAICOM, Olorundare .S. Thomas on Monday in hisaddress during a courtesy visit to the state governor, Dr. Umar Ganduje.

“Besides the need for the development and promotion of Takaful in Kano state, which indeed requires Your Excellency’s support, the Commission is also here to seek your buy-in on the implementation of compulsory insurances in Kano State and as well the need for the State Government to protect its assets and liabilities by adequately insuring them. 

He listed some of the compulsory insurance packages as: Motor Vehicles Third Party Insurance, Professional Indemnity insurance for Health workers,Public Building Liability Insurance, Insurance of Building under Construction above 2 floors, Group Life insurance under the Pension Reform Act  and Annuity for retirees.

“Your Excellency there is a lot to benefit from the partnership of the Kano State Government and the Commission with respect to these insurances, taking a cue from other states that have voluntarily taken steps to domesticate some of these laws in their states for the greater advantage of their states. 

“I am delighted to say here that if the state Government can partner with the insurance industry to bring all these vehicles under cover, it will significantly impact on the IGR of the state and boost revenue of all stakeholders.

“The issue of collapsed buildings have continued to be one of the problems in our big and major cities in the country that seems to have defied solutions and checks put in place by the authorities.  

The Commission made 3 specific requests from the governor in furtherance of the partnership Viz : constitute a committee that will work with the Commission, consider mirroring the legislation that makes it mandatory for citizens to have compulsory insurances and provide the Commission with a befitting office accomodation that will serve as the insurance policy hub for the Northern Region of the country

Thomas explained that his commission is collaborating with some federal agencies like the Fire Service, Police etc and relevant professional associations like COREN to ensure provisions of the law regarding the insurance of public buildings against 3rd party liability and all buildings under construction that are above 2 floors are strictly adhered to. 

“I humbly request Your Excellency’s cooperation to work closely with the insurance sector on this to ensure safety and protection of lives and properties in Kano State.

He used the opportunity to intimate the Governor about the Commission’s planned one-day sensitisation workshop for permanent secretaries and directors of all MDAs in the state slated for the month of November, which is aimed at sensitisingthem on the need to adequately protect and insure strategic government assets and human resourcesas well as the benefits inherent therein.

The Commissioner/ Chief Executive disclosed that the Commission has done a lot through its regulatory activities to sanitise and improve the insurance sector thereby ensuring that genuine claims are promptly paid by insurers, ensuring financial soundness and viability of the insurers to protect investments, right prizing of insurance products, value for money, use of technology for ease of transaction etc.

Responding, the governor commended the Commission on its effort to develop the insurance sector while urging the industry to do more in gaining public confidence and improving public perception of the industry.

The Governor also granted the requests of the Commission and directed that a strong committee be constituted immediately to look at the aspect of the implementation of compulsory insurances as well as working with the legislative arm on domesticating the insurance laws in the State.

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