*To launch implementation, enforcement and validation of genuine compulsory occupiers liability on April 28, 2022
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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) is in discussion with Lagos State Building Control Agency (LASBCA) with a view to using the Nigerian Insurance Industry Database (NIID) verification platform for enforcement, verification, and validation of genuine compulsory building under construction insurances, its Chairman, Ganiyu Musa, has said.
He disclosed this today at a press conference in Lagos, adding that compulsory building under construction insurances was made mandatory by Law through Insurance Act 2003 (section 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019).
Musa noted that the association is also collaborating with Lagos State Safety Commission (LSC), Nigerian Council of Registered Insurance Brokers (NCRIB) and Courteville on the implementation, enforcement and validation of genuine compulsory occupiers liability made mandatory by law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.
According to him, the exercise will be launched on April 28, 2022 and enforcement will commence in May 2022. “We are building capacity of its members to enhance compliance in line with the emerging regulations,” he added.
The steps taken by insurance practitioners and government will held address the issue of collapse buildings, as involvement of insurance practitioners will ensure adherence to standards.
The NIA Chairman submitted that the association will continue to complement the efforts of the National Insurance Commission (NAICOM) in their campaign on domestication of compulsory insurances in the States “It is our expectation that laws on compulsory insurance can be domesticated in other States just as Lagos State has done,” he said.
He posited that beyond the efforts of the commission, the association has also upscaled its market development initiatives through strategic engagements with the various states.
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