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Re-position insurance industry to attract investors – Minister urges NAICOM 

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 Mrs Zainab Ahmed the Minister of Finance Budget and National Planning has urged the inaugurated Governing Board of National Insurance Commission to re position the insurance industry to attract investors Ahmed gave the charge while inaugurating the Board Members of NAICOM on Friday in Abuja She said that government had put in place key policies aimed hellip
Re-position insurance industry to attract investors – Minister urges NAICOM 

NNN: Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, has urged the inaugurated Governing Board of National Insurance Commission to re-position the insurance industry to attract investors.

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Ahmed gave the charge while inaugurating the Board Members of NAICOM on Friday in Abuja.

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She said that government had put in place key policies aimed at promoting the growth of the insurance industry as well as deepen insurance practice in Nigeria.

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According to her, it is imperative for  the board members to familiarise themselves with the functions,  procedures, rules and regulations in the industry, adding that it would help them function effectively.

She listed some key policies put in place by government as “The repeal of S16 of CITA 2007 as amended by Finance Act ,2019; the review of the minimum capital requirements to enable insurance and re-insurance companies acquire enough capital for their business as contained in Finance Act, 2021, and the Consolidated Insurance Bill to replace the 2003 Insurance Act which is undergoing legislative action.

She added that these guidelines would help the board achieve its mandate.

She, therefore, charged the board members to bring their wealth of experience to bear on the activities of the commission and insurance industry at large.

“It is your responsibility to ensure that good corporate governance is entrenched in the commission, support management on creating enabling environment for both members of staff, and stakeholders and also ensure harmony within the board.

“There is need for the board and management to evolve policies and create new insurance products and build the desired trust and confidence in Nigerians with a view to enhancing insurance penetration.

Responding, Dr Abubakar Sani, the  board Chairman of NAICOM assured commitment of the Board to encourage necessary strategic framework and peer review mechanism that would uphold regulatory global best practices.

Sani said that the board would also align with the mission of NAICOM to conduct effective supervision,  support management and members of staff to enforce discipline in the market.

He added that members would ensure compliance with the code of ethics of the insurance profession by practitioners and also collaborate with due process office and other relevant agencies of government on insurance services procurement.

“The board will proactively seek to promote different policies and initiatives to deepen insurance penetration,  thereby ensuring that more Nigerians and assets are insured.

“Trade credit and Guarantee insurance policies are currently untapped and this could be instrumental to improving market penetration.

“The board will aggressively support staff training and encourage collaboration with other regulatory agencies in knowledge sharing. We will make NAICOM a place of pride to work,” he said.

Sani, on behalf of the board members, appreciated President Muhammadu Buhari for the opportunity and pledged to add tremendous value to the insurance industry. 

(NAN)

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