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Chuks Udo Okonta
Insurance practitioners seemed not to be comfortable with the quest of the Nigeria Police Force (NPF) to float an insurance company.
Recall the National Insurance Commission (NAICOM) has said it has commenced the process of registering Nigeria Police Force – NPF Insurance Company Limited, having received an application from the company.
Practitioners from underwriting and broking practice, who spoke with Inspenonline had expressed reservations over the quest of the Police. They expressed fear that granting operating licence to the NPF, which is a regulator wouldn’t be good for the industry.
They also noted that the move would open up space for other agencies of government to seek licences just because they want to capture an insurance business.
This medium also learnt that some concern stakeholders are already engaging the National Insurance Commission to ensure the request by the NPF is effectively managed.
NAICOM had in a published document said in fulfilment of the statutory provisions of extent laws for the registration/licensing of insurance companies, the general public is thereby informed that it has commenced the process of registering the company, whilst requesting members of the public to submit/report any objection or otherwise against the registration to it within 21 days from the date of the publication.
According to NAICOM the company was incorporated on December 24, 2020, with the address at Insurance Building Behind Louis Edet House, Force Headquarter Area 11 Garki, Abuja, FCT.
NAICOM noted that the Managing Director/CEO of the firm is Oke Temitayo, while the Directors include: Adenaike Olufemi Adebowale AIG (Rtd); Oke Temitayo; Ekechukwu Mic; CP Sulaiman Muhammad; CSP Ameh Lydia; CSP Adedeji Adewole Jelius; Amore Olusola Emmanuel CP (Rtd); Rev Paul Odili Joshua; Balogun Olayinka Abayomi; Akinwunmi Tunde Olufemi and Musa Ba’aba Ibrahim.
The 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.
Former Inspector General of Police, Usman Alkali Baba, first hinted the move in 2022, while declaring open, a 3-day workshop organised for Police Insurance Desk Officers drawn from all states commands and formation in Abuja, stating that 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 former 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.
