Insurance

NAICOM woos Gombe State on domestication of insurance laws

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From left: Kari and Deputy Governor Charles Iliya at the event.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has appealed to Gombe State Government to incept the process of domesticating compulsory insurance laws.

The Commissioner for Insurance Mohammed Kari, made the appeal today during a courtesy visit to the the State Governor, Ibrahim Dankwambo, in Gombe, Gombe State. He also seek the Governor’s support and collaboration in the implementation and enforcement of compulsory insurance products across the State.

He noted that it is the intention of the commission to establish a mutually beneficial relationship with the state, stressing that while the collaboration will result in increased insurance penetration and written premium income for the industry, it will also create another veritable source of Internally Generated Revenue (IGR) for the State Government.

“We are not unmindful of the fact that the laws establishing these products are federal laws but they can easily be domesticated by the States and enforced within their respective boundaries. We therefore would want to appeal to the Gombe State Government to incept the process of domesticating these laws if it has not already done that, especially in respect of buildings under construction and public building insurances for easy enforcement.

“Our proposed collaboration will hopefully stem the proliferation of fake insurances in the state and ensure the people enjoy the benefits inherent in the consumption of genuine insurance products.

“Another very disturbing issue Your Excellency is that of apathy to insurance by Government and its Agencies at all levels. We have discovered that most government fail to insure their assets and propertyeven when funds are provided in the budget for it. This has become something of great concern to us in NAICOM and I want to use this medium to solicit the support and understanding of His Excellency in ensuring that the government of Gombe State provides adequate insurance for its assets and property,” he said.

Kari noted that the commission had established a dedicated committee to assist various governments in insuring their assets and property accordingly. He added that the committee will be ready to work with the state once the governor gives his nod to the request.

The Governor was represented by his Deputy, Charles Iliya, pledged to support the commission and the industry.

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