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Chuks Udo Okonta
The National Insurance Commission (NAICOM) will by the end of this month – April, unveil Risk-Based Capital (RBC) roadmap that will steer the insurance industry new capital regime.
Commissioner for Insurance, Sunday Thomas, said this today when addressing Managing Directors of insurance companies and management of Nigerian Insurers Association (NIA) at the Insurers’ Committee meeting in Lagos.
Thomas told the gathering that the commission would by month end, make public its decision on what should constitute the capital for operators in the sector.
He also commended operators that have embraced the NAICOM Portal, whilst imploring those yet to fully comply with the directive to do so.
Thomas noted that there has been a tremendous progress in the upload of data by operators, stressing that by the end of April the commission would state its position on those not fully complying with the directive to send their documents via the portal.
He implored insurers to do more on settlement of claims, charging them to enhance and simplify their policy documents to enable the public understand what they offer.
Chairman, Sub-Committee on Publicity and Communications, Insurers Committee and Managing Director, NSIA Insurance Limited, Mrs Ebelechukwu Nwachukwu, who briefed journalists at the committee meeting noted that the body discussed and agreed on several initiatives that would help propel Insurance sector forward.
She submitted that the committee would continue to partner the media on communicating its programmes to the public.
