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Chuks Udo Okonta
Stakeholders have expressed hope that recent affairs between the insurance industry and NPF – the licensing of NPF Insurance Company Limited and the award of Fellow to the Inspector General of Police Kayode Egbetokun, by the Nigerian Council of Registered Insurance Brokers (NCRIB) would help break the deal on insurance enforcement.
Insurance practitioners over the years have been courting the Nigeria Police Force (NPF) to ensure enforcement of compulsory insurances in the country.
According to a top executive in the National Insurance Commission (NAICOM) the Commission is hopeful that the coming in of NPF Insurance Company Limited would enhance enforcement.
The executive noted that the licensing of the underwriting firm would significantly and likely change the landscape.
An executive of NCRIB also noted that the award of Fellow to the IGP is to strengthen relationship with the industry and the Force.
Recall that NAICOM had on November 29, 2024, presented an operational licence to NPF Insurance Company Limited in a brief ceremony held in Abuja.
NAICOM in a statement said the development enables NPF Insurance to commence general insurance operations in Nigeria, having successfully fulfilled all registration requirements.
Commissioner for Insurance, Olusegun Ayo Omosehin, formally handed over the license to NPF Insurance Co. Limited at the event.
