Insurance

NAICOM eyes states involvement in new MDRI regime

Thomas

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) said it is rejigging the Market Development and Restructuring Initiatives (MDRI) to make room for agencies of states to be involved in the system.

The Commissioner for Insurance, Sunday Thomas, said this in a chat with NAIPCO Trumpet, noting that the commission is re-jigging the MDRI for sustainability.

“We believe that MDRI is a good concept, well thought of and put together but we are enhancing it. Part of the enhancement is to get agencies of states involved and get the supply end of the team to be available because we don’t just want to cultivate the demand side but part of the supply side. This is why at one of the fora when I spoke to the industry, I told them they can create like a consortium if they think it might not be too profitable for them to have individual branch. They can come together as a group participation in the premium and risk that may come from that particular area,” he added.

NAICOM has posited that it will re-launch the MDRI with special and intensified implementation efforts on areas such as: Enforcement of Compulsory Insurance; Diversification of Distribution Channels; Increase in Access Points for Insurance Services; Micro Insurance; Takaful; Improvement in Data Collection and Promotion of Financial Literacy.

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