Insurance

Governor Fayemi to connect NAICOM with 36 state governors on compulsory insurance

Fayemi

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Chuks Udo Okonta

The Chairman, Nigeria Governors’ Forum (NGF) and Governor of Ekiti State, Kayode Fayemi, has pledged to work with the National Insurance Commission (NAICOM) on implementation and enforcement of compulsory insurance and may invite the insurance sector regulatory to meet with the 36 state governors to apprise them of its initiatives.

The Governor stated this today during a courtesy visit by the management of NAICOM led by the Commissioner for Insurance, Sunday Thomas, to his office in Ado-Ekiti, Ekiti State.

Fayemi noted that Ekiti state takes insurance seriously, but can still do more. “Be rest assured that we will work with you and we may need to invite you to meet with the 36 state governors to apprise them of your initiatives.

“We have taken note of the benefits inherent in these compulsory insurances and we are always desirous to collaborate.

“The State commissioner of finance and the Head of Service handle our insurances and will be available to work with your team,” he assured.

He advised the insurance sector to be flexible in creating new products that are more aligned to our environment.

The Commissioner for Insurance used the occasion to seek collaboration with the State government in the enforcement of compulsory insurances in the State.

He noted that the Financial Services Industry is central to the growth and sustainable development of any nation and state because of its direct impact on access to finance, catalyst to improved income, poverty reduction and stability in the financial system, stressing that as a subset of the Financial Services Industry, Insurance industry is a pivot to guarantee the sustainability of growth and development of the State and its people.

“We have therefore noted the necessity to plant “Insurance” and “People” at the center of any equation that tends to create, enhance, sustain and manage growth and development in any economy.

“As a people, human activities have associated risks and in spite of every precautionary measure to avoid the occurrence of losses or damages, the unexpected still occur.

“In consequence of the losses the victims are prone to sufferings which in many cases may lead to total impoverishment of a large proportion of those affected. To ameliorate the situation of victims, laws have been put in place for an arrangement that will ensure that victims and especially third parties are adequately compensated,” he said.

Thomas maintained that the objectives of protecting third parties and relieving the government of the avoidable burden of compensation from the meager wallet of the government led to the enactment of various laws on compulsory insurance products.

Over the years, the Commission has embarked on series of programs aimed at a nationwide massive public enlightenment with respect to compliance with the laws on compulsory insurances, he said.

He prayed and recommend to the Governor the need to nominate an Agency of the Government that will serve as liaison office with the Commission in the collaboration.

The nominated agency, he said may be requested to work with the Team of the state who shall be dedicated to this collaboration and recommend appropriate measure to domesticate the enforcement of the compulsory insurances in the State.

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