Kari
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Chuks Udo okonta
The National Insurance Commission (NAICOM) by next month launch the second phase of the Market Development and Restructuring Initiative (MDRI), Inspen can report.
It was gathered that this phase will help in the enforcement of all compulsory insurances, as the industry will sign Memorandum of Understanding (MoU) with Government’s Ministries, Departments and Agencies on insurances of government’s properties.
The Commissioner for Insurance Mohammed Kari, has pledged to to sustained the MDRI which was first launched during the administration of his predecessor, Fola Daniel.
According to Kari: “The MDRI is an initiative we would continue with, because it was designed to help the penetration of insurance and we can still do a lot on that. What we have done to strengthen the implementation, is to set up an internal unit that is specifically, assigned to handle public sector insurances and advices.
“Towards that, we have issued a circular to all Ministers; Ministries; the Head of Service; Secretary to the government; Permanent Secretaries; Head of MDAs, including the the Chief of Staff to the President. Highlighting to them the role of NAICOM is ensuring that the insuring public are insured properly.
“The unit will assist the MDAs in structuring their insurances properly. We have given them a template on information to give. Like how we can access government assets that need insurance, and we are going to work jointly with the Minster of Finance and the Budget office to ensure that these assets when identified and valued appropriately are provided for in the budget and paid for the purpose of insurance.”
He noted that The commission is working with the Federal Road Safety Corporation on motor insurances, and the Fire brigade on public buildings, stressing that the initiatives would help in deepening penetration.
Kari said NAICOM is making efforts to ensure all the initiatives work as planned.
