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NAICOM to review insurers’ performance

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The National Insurance Commission plans to assess the implementation of the regulatory priorities for the industry in 2017, and strategise on how to improve the local retention of insurance business and premium.

A statement obtained from the commission on Friday said the management of NAICOM would hold an interactive session with directors of insurance companies and major policyholders in Nigeria.

“This is in furtherance of the commission’s commitment to ensure all stakeholders are adequately informed of developments in the sector and NAICOM’s plans for progress,” it said.

The commission said it also intended to remind the directors of their roles in the effective and efficient management of their respective companies as key drivers of performance.

NAICOM said it would also be an opportunity for insurance consumers to directly interface with the regulator and express their concerns with industry operators if any.

According to the commission, major insurance consumers from the manufacturing, aviation, oil and gas, marine, transport, construction, health and financial sectors of the economy are expected to attend the session.

The commission said issues bordering on appropriate pricing of insurance, risk-based capital, corporate governance, service delivery, insurance penetration, local retention of insurance in line with NAICOM’s regulations as well the Local Content Act, consumer protection, prompt settlement of genuine insurance claims, among others, would be discussed at the meeting.

It will be recalled that in January this year, the commission issued an industry circular that highlighted its regulatory priorities for 2017.

“Recognising the recent changes in the boards of insurance companies in compliance with the corporate governance code of the commission, these interactions become more imperative in order to expose the new directors to the workings of the industry,” NAICOM stated.

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