NAICOM examines Nigeria Police application for N10bn general insurance license

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) is presently examining the application for license to operate a general insurance company by the Nigeria Police.

Head, Corporate Communications and Market Development, National Insurance Commission, ‘Rasaaq ‘Salami, told Inspenonline that the commission had received the application and that it is being looked into by the licensing department.

Nigeria Police is expected to pay N10 billion if the application is approved by NAICOM, as the insurance regulator had peaked insurance capital at N8 billion for life business: N10 billion for general business: N18 billion for composite and N20 billion for reinsurance business.

Inspector General of Police, Usman Alkali Baba, while declaring open, a 3-day workshop organised for Police Insurance Desk Officers drawn from all states commands and formation in Abuja on Tuesday, said the Nigeria Police Insurance Company (NPIC) is already at an advanced stage of incorporation by the National Insurance Commission.

This, he said will further provide succour for police officers and their families in a bid to improve their wellbeing.

“I recently approved the establishment and incorporation of the Nigeria Police Insurance Company (NPIC). Nigeria Police institution is the largest agency with the highest pool of insurable public servants in the country.

“It is therefore expedient that we leverage on this distinct reality towards ensuring that we mange our insurance policies and maximise the benefits drivable therein with less bureaucracy and in overriding welfare interest of our personnel who are constantly being exposed to occupational hazards.

“I am confident that when the operating licence is finally granted, the Insurance Section and policies of the Force will be further strengthened and bottlenecks associated with the management and processing of requisite dividends and other claims will be addressed on a sustainable bases,” posited.

He however called on the Commissioner for Insurance, Sunday Thomas, to support the strategic vision of the Force leadership by fast-tracking the incorporation process towards immediate take-off of the company.

The IGP also assured all members of the force that the current efforts in place towards repositioning the Force Insurance Section, promises a better days ahead in terms of timely resolution of claims and benefits accruing to next-of-kin of injured or deceased police officers as well as other welfare schemes to serving members of the force.

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