Government’s establishments can’t shelve insurance – NAICOM

Kari

Leave a comment and share

Chuks Udo Okonta

In spite the current economic financial quagmire, the National Insurance Commission (NAICOM) as assured that government’s establishments would not shelved insurance as they are compelled by the law to protect public assets.

The Commissioner for Insurance, Mohammed Kari, who disclosed this, said Ministries, Departments and Agencies (MDAs) have the responsibility to protect government’s assets, hence, they cannot shelve insurance, stressing that government being the custodian of the law cannot flout it.

“Government agencies cannot shelve insurance because it is a recommendation of the law. The Ministries, Departments and Agencies (MDAs) have the responsibility to protect government’s assets, hence, they cannot shelve insurance.

“Government being the owner of the law cannot default. It is not in the interest of other consumers to see that government fails to insure, so, government would do everything it has to do to ensure it protects public assets. For example, my responsibility as the chief executive of the Nigerian Insurance Commission is to ensure that I meet all the laws of Nigeria and ensure the enforcement of all the laws, whether they are my responsibility or not.

“Sometimes, operators take it unkindly when I ask them questions that are not insurance related. I do ask companies if they are making returns to the Corporate Affairs Commission? They may asked what is my business with their returns, but it is my duty, for if I licenced a company, I have to ensure that it obeys the laws of Nigeria.

“It is my business to ensure that companies pay their taxes, it is my business to ensure that companies meet the requirements of other regulators. So, it is interwoven, and I cannot see any responsible officer siting on top of an MDA that should say insurance should be relegated,” he said.

Kari noted that to ensure government’s establishments comply with the law, the commission have being sensitizing them and that efforts are in top Gear to arrange a retreat for top level officers to appreciate their responsibilities under the insurance market.