The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin has sought the cooperation of the Nigeria Governor’s Forum (NGF) to design a coordinated approach to deepen insurance penetration using the secretariat as policy hub for the state Governors. He said the management of NAICOM is trying to see how they can address some of the issues differently from the way it has been handled in the past in order to achieve a better result.
He mentioned that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.
The CFI further stated the need for most of the Laws on compulsory insurances to be domesticated by the states sighting example with Lagos State. He said that the fragmented approach in dealing with the states needs to be centralized and have all the states come on board especially with respect to motor third insurance and also to prevent revenue loss for the states in terms of IGR.
“There is also need for awareness creation across the states on the value of insurance,” the CFI added. He noted that at the Federal level these is been driven by Federal agencies but at the states level the Commission needs some high level of cooperation and collaboration.
Omosehin had visited the Director General of the Nigeria Governors’ Forum Dr. Abdulateef Shittu at the NGF Secretariat in Abuja.
The Director General while welcoming the Management of NAICOM informed them that the NGF has transformed into a policy hub for the state Governors and is serving as the Technical and administrative arm of the Forum. He stated that the NGF Secretariat is a one-stop shop for any business you want to do with the states.
Shittu express optimism that the partnership can bring a lot of positivity on deepen insurance penetration in the country.
The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review and since a delivery room assessment has already been conducted, the ball shall be kicked to start rolling immediately and a joint Committee was set to deliver on the assignment at hand.
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