Operators of the insurance industry have teamed up with the Federal Government to draw up a road map for the protection of government assets across the country.
Commisioner for Insurance, National Insurance Commission(NAICOM), Mr Sunday Olorundare Thomas made the disclosure at the 2023 retreat for Insurance Industry reporters in Uyo, Akwa Ibom State Capital.
With the theme: ”Improving stakeholders perception; 2023 and beyond”, it was an opportunity to cross fertilise ideas with members of the media.
Thomas revealed that President Tinubu was interested in the insurance industry and is ready to replicate what he did in Lagos State at the federal level.
“We are taking it very seriously and President Bola Tinubu as well as a former governor of Lagos State, established insurance culture in the state.Until today, all the regime that succeeded him as governors in Lagos State have followed the template he laid in insurance”.
He further told participants that the income generated as premium payment over the years by the government had gone upward with remarkable changes in terms of the relationship between the government and the industry but expressed concern over poor penetration.
The consolidated insurance bill unfortunately was not assented to by former President Muhammadu Buhari before he left because it got to him late; the commissioner is optimistic that the re-introduced 2020 Consolidated Insurance Bill will be passed by the 10th National Assembly and operators are anxiously waiting to hit the ground running.
“Of course there are procedures and processes for such. Though, we are not going to start again from the beginning, but the National Assembly is now looking at it.We have not given up on our hope, knowing that the bill is a game changer because of a lot that is in it and its importance to the sector.”
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