By Maduka Nweke
In order to address the issue of low insurance penetration in the market, the National Insurance Commission (NAICOM) has introduced new insurance operation guidelines.
They are the Web Aggregators Operational Guidelines; State Government’s Implementation of Compulsory Insurance (or State Financial Advisers) Guidelines; Independent Agents Operational Guidelines; and the Mutual Organisations, Associations, Community-based, Micro Guidelines.
The Commissioner for Insurance, Alhaji Mohammed Kari, said that NAICOM decided to expose the draft guidelines to address the issue of low insurance penetration in the market.
He said: “In this regard, we have considered and agreed to create additional distribution channels in the market to include using the services of state governments to enforce compulsory insurance at the state level. We have further decided to explore and de-mystify the partnership type of operation for brokers and I can assure you it will open a new vista in insurance mediation in Nigeria and most importantly, it will clearly separate the professionals from the businessmen.”