Joseph Inokotong, Abuja

The Federal Government has concluded plans to commence a 2-year licence renewal process for insurance brokers and loss adjusters starting from April, 2020.

This is a departure from the yearly renewal policy that has been in place, and a move to deepen financial inclusion policy of the Federal Government.

This was disclosed yesterday in Kano by the Director, Policy and Regulation Directorate, National Insurance Commission (NAICOM), Pius Agboola, at seminar for insurance journalists.

He added that the guideline for the implementation of the initiative was released by NAICOM last week.

The acting Commissioner for Insurance, Mr. Sunday Thomas, said in his welcome address that the second phase of the Market Development and Restructuring Initiative (MDRI), would soon be unveiled and that the regulatory body would mark out clear targets and tasks for all stakeholders in the insurance industry.

He said: “Going forward, we shall vigorously pursue the continued implementation of compulsory insurances in every nook and crannies of the country. We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.”

Related News

According  to him, the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of strategic national assets, while promising that the NAICOM will work with relevant security agencies to guarantee effective and efficient monitoring of compliance.

He stated that the ongoing recapitalisation exercise is to ensure the robustness of insurance industry in terms of technical competence and financial base, building confidence, trust and enhancing market value.

This, he said, was aimed at repositioning the sector for self-actualisation regarding growth and development, pointing out that the financial inclusion strategy has been central to the Federal Government’s developmental programme.

Thomas said NAICOM has, over the years, invested enormous resources in the development of financial inclusion mechanisms,  which include the introduction of microinsurance and Takaful Insurance products.

He stated that the Commission would continue to deploy more energy and resources in building public trust and confidence in insurance, despite years of poor perception, pointing out that the annuity business has been making headlines recently with a boost in the contribution of the business to the sector.

The Acting Commissioner for Insurance, added that the workings and importance of Annuity are becoming more glaring, and expressed optimism that this will continue as the future looks very bright for annuity business.