Insurance

NAICOM unearths malpractices by insurers, state governments

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Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) Mohammed Kari, President of NCRIB Kayode Okunoren and other industry stakeholders at the recently concluded NCRIB Retreat in Ilesha, Osun State.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) said it has found under the table arrangements where insurance policies are being offered in conjunction with various state governments to unsuspecting public.
The Commissioner for Insurance Mohammed Kari, disclosed this at the 2016 annual Chief Executive Officers Retreat organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Ilesha, Osun State, stressing that the commission would sanction the culprits.

“While the newly formed Insurer’s Committee has setup various sub committees to look at that and more issues, the Commission is complementing those efforts by expanding its enforcement of compulsory insurance’s down to the states level.
“In the process we sadly found all sorts of under the table arrangements where insurance policies are being offered in conjunction with various state governments to unsuspecting public. Sometimes, with registered brokers and in most case with unregistered and unlicensed entities. This is Illegal, criminal and punishable under the laws of the country.
“Brokers and Underwriters alike should beware as we have beamed our searchlight to that direction. Unrepentant companies and individuals that are engaged in these schemes “would answer”. (like we say in the new Nigerian vocabulary)”,” he said.

He noted that the poor penetration of insurance in the country is no more a new statement or information, adding that the challenge is a position stakeholder, certainly cannot be proud of. He stated that the duty of developing a robust insurance sector, would require developing a good strategy on insurance penetration.

He said the commission has identified limited channels of distribution as a major inhibition factor to penetration and that it has considered the creation of additional distribution channels and had gone far on the preliminary works and draft of guidelines which would soon be exposed for input.

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