Insurance

Executive order: NAICOM to rejig capital verification, other initiatives

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) in a bid to align with the executive order on ease of doing business, recently signed by the Federal Government, is working out suitable deadlines for all its priority initiatives.

Inspen gathered that top management of the commission two days ago, had a meeting with the Deputy Commission Technical, Sunday Thomas, to initiate moves on how to tight feasible dates for takeoff of initiatives such as: capital verification, Risk-Based Supervision (RBS), insurance distribution channels and more.

A source told this medium that the commission hopes to leverage the Insurance Act to drive the initiatives already stated in the Act, while guidelines will be used to drive those not stipulated in the insurance law book.

He noted that in enforcing the order by the government, the commission would henceforth ensure that all initiatives are implemented within specified period, adding that the executive order has given new impetus to all ongoing initiatives introduced by the commission.

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