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Chuks Udo Okonta
The National Insurance Commission (NAICOM) in a move to enforce laws on compulsory insurances, hopes to commence issuing compliance certificates that would be required in biding government’ s contracts.
The Commissioner for Insurance, Mohammed Kari, told Inspen that the commission is presently working on the initiative and would commenced at the relaunch of the
Market Development and Restructuring Initiative (MDRI).
“We are working globally on enforcing all compulsory insurances. When we launched the MDRI initially, we drafted certificates for each class. We are working on that. When we find-turn them, we are going to release them at the launching of the MDRI,” he said.
Some insurance operators had in the past urged have called on NAICOM to consider introduction of compliance certificate in its review of the MDRI to ensure full enforcement of compulsory insurances.
The operators told Inspen that introduction of the certificate would make the public bidding for government businesses comply with the law on compulsory insurance.
The former President Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin, said the MDRI needs a level of law enforcement for it to thrive. He noted that the presentation of compliance certificate by individuals bidding for government’s businesses, have helped in adherence to group life policy of the Pension Reform Act 2014.
Adetimehin, noted that for the public to comply with the compulsory insurances, NAICOM should ensure there is a law to enforce it.
Also former President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, called for collaboration with the government in the enforcement of the compulsory insurances in the MDRI.
She noted that though NAICOM has helped make some insurances compulsory, effort should be intensified on the enforcement of the laws. She said: “I think the government has a lot to do. Some of the compulsory insurances are not enforced. NAICOM has tried in supporting the industry, by making some businesses to be compulsory under the MDRI. But the implementation and enforcement lie with the government either at state and federal levels.”
