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Tag: Mohammed Kari

  • NAICOM issues guidelines for State Insurance Producer

    The National Insurance Commission (NAICOM) on Tuesday released operational guidelines for State Insurance Producer (SIP) across the 36 states of the country, including the Federal Capital Territory (FCT).

    The SIP whose key responsibility includes facilitating the sale of the compulsory classes of insurance within the state jurisdiction and all classes for its principal’s insurance, is also an agency of a state government licensed by NAICOM to provide intermediary services as defined by the guideline issued by the commission and also remunerated as by the provisions of the guideline.

    According to the Commissioner for Insurance, Alhaji Mohammed Kari, the policy is expected to take off on January 01, 2019.

    The guideline reads: “The State Government shall be responsible for all the acts, commissions and omissions of its appointed Insurance officer and every other staff in its employment acting on insurance related issues.

    Read Also: NAICOM to release state insurance policy guideline next week

    “Any disputes arising between a State Insurance Producer and an Insurer or a client, or any other person either in the course of its engagement as an intermediary or otherwise may be referred to the Commission by the person so affected; and upon receipt of the complaint or representation, the Commission shall conduct an enquiry or an inspection or an investigation on the complaint or the representation as may be necessary.”

    “Once licensed to operate by the commission, the SIP shall enter into Memorandum of Understanding (MoU) as may be sanctioned by NAICOM, with approved insurance companies in its jurisdiction for the purposes of placement and management of insurance business within a state,” Kari said.

    The NAICOM boss explained that while the SIP will be empowered to penalize defaulters according to the laws of the States, it will equally maintain proper records of individuals and organisations bound by the requirements of the compulsory classes of insurance and monitoring the compliance.

    The apex insurance sector regulator has promised to open 20 new branch offices across the states of the federation for strict management and enhancement of insurance penetration.

    This according to it, will not only deepen insurance penetration, but also assist the government in meeting its objectives and expectations with regards to the Economic Recovery and Growth Plan (ERGP) in the areas of job creation, poverty prevention and confidence in the face of risk.

  • Financial inclusion: NAICOM to launch NIIDP

    National Insurance Commission (NAICOM), on Monday said it has concluded plans to launch the Nigerian Insurance Industry Development Plan (NIIDP) in order to boost financial inclusion.

    The commission said it had already concluded work on the NIIDP, with KPMG, a consulting firm monitoring its implementation to ensure each segment of the market kept to date with their assigned responsibilities.

    The Commissioner for Insurance and Chief Executive Officer, NAICOM, Mohammed Kari, said this at the National Insurance Conference, in Abuja.

    The conference had ‘Insurance Industry and Financial Inclusion’ as its theme.

    He said: “The timing of this Conference could not have been more significant especially as we prepare to launch the Nigerian Insurance Industry Development Plan (NIIDP) which has Financial Inclusion as one of its major components. Work on the NIIDP has already been concluded with inputs from KPMG, consulting firms who will also independently monitor its implementation to ensure each segment of the market keep to date with their assigned responsibilities.

    “It may interest you to know that the plan has been presented to the Insurers Committee, a body comprising management of NAICOM, CEOs of insurance companies and heads of insurance trade associations and the Chartered Insurance Institute of Nigeria (CIIN) to ensure every player in the industry is on the same page with us. I commend the market committee and KPMG for the good job on the NIIDP.

    Read Also: NAICOM confirms takeover of Unic Insurance Plc

    “How the insurance sector in Nigeria could effectively and efficiently navigate this turn to increase the number of policyholders while reducing the figure of the financially excluded, is part of what the NIIDP contain.

    “The strategic initiatives and implementation plans of the NIIDP notwithstanding, we have dedicated this forum to financial inclusion for an opportunity to listen to speakers and discussants with divergent views and opinions so as to improve on what we already have.”

    NAICOM also linked high rate of poverty in Nigeria and the rest of the world to financial exclusion.

    Kari said the insurance sector plays a vital role in any economy by helping to reduce the poverty line.

    He said: “The general consensus seems to be that financial exclusion is one of the main causes of poverty in the world.

    “The insurance sector plays a vital role in all of these because it helps to reduce the poverty line, it helps entities and individuals manage their risks and protects them from negative adverse effects of unforeseeable events.

    “Commission recognizes financial inclusion as a tool for financial development and inclusive growth agenda and will therefore, continue to support the development of products that will improve the standard of living of the people and increase the role of insurance in the development and growth of the average Nigerian’s standard of living.

    He added that Nigeria launched the National Financial Inclusion Strategy (NFIS) in 2012 to reduce the percentage of adults that are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020.

    “The strategic goals are driven by a broad range of coordinated interventions, including simplified Know Your Customer (KYC) regulations, Agent banking, Micro insurance and Consumer Protection principles,” he added.

  • LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance

    LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance

    The Lagos State Pension Commission (LASPEC) has urged the National Insurance Commission ( NAICOM ) and National Pension Commission (PenCom) to eliminate practices militating against the growth of the industry.

    Director-General of LASPEC, Mrs Folashade Onanuga made the call at the ongoing Insurance and Pension Conference organised by National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Thursday.

    She said that eliminating the challenges would bring sanity to the industry and attract more Nigerians into the insurance net.

    The D-G said the theme of the conference: Legislation of Pensions and Insurance, Intrigues, Interest, Governance and the People’ would enable experts suggest solutions to enhance the sectors’ contributions to economic growth.

    According to her, annuity providers need to know how to do legitimate business while marketing a product and not behaving like fraudsters.

    “Some insurance agents now stand by the roadside as if they are waiting for a prey, unfortunately, there are too many  frauds in the system.

    “The competition between life insurers and Pension Fund Administrators (PFAs) needed to be healthier otherwise the ultimate consumers will lose confidence in them.

    “Such competition contravene the transparency the 2004 Pension Reform Act (PRA) advocated for as human thinking will suggest that the fighting is to gain market share.

    “This means the product is more to the benefit of the operator more than consumers,’’ she said.

    The LASPEC boss expressed dismay that some life insurance companies invited retirees to programme using the name LASPEC.

    “Sometimes, agents will pose as relatives of retirees to programmes to exit discussion between retirees and PFAs,’’ she said.

    The Commissioner for Insurance (CFI), Alhaji Mohammed Kari, said that the commission had widened its regulatory and supervisory roles on insurance entities.

    Kari, represented by Mr Pius Popoola, the Head of Authorisation and Policy, said the roles were aimed at building the confidence of policy holders.

    The commissioner said the roles would also eradicate abominable ethics and promote the safety and soundness of the insurance industry.

    He said that the commission would work closely with the industry and other stakeholders, especially co-regulators in the financial services sector.

    “This would promote a healthy insurance industry within the existing legislation,’’ he said

    NAN

  • Only 3m Nigerians have insurance policies, says Adeosun

    Only 3m Nigerians have insurance policies, says Adeosun

    The Minister of Finance, Mrs kemi Adeosun, on Monday said that only three million out of 180 million Nigerians possessed insurance policies to protect themselves from uncertainties.

    Adeosun, who made the disclosure at the ongoing 2017 National Insurance Conference (NIC) in Abuja, noted that insurance was playing critical roles in the economy.

    The theme of the three-day conference is: “Nigeria Open for Business.’’

    Represented by Alhaji Mammud Dutse, Permanent Secretary in the Ministry of Finance, Adeosun said that insurance was facilitating investments by reducing the amount of capital and savings needed by individuals, corporations and agencies to fight unforeseen losses.

    She said that total insurance premiums grew from N75 billion in 2005 to over N300 billion in 2016 and contributed approximately 0.7 per cent to the Gross Domestic Product.

    She said that the figure was less than the African average of 3.3 per cent and the global average of seven per cent.

    The News Agency of Nigeria (NAN) reports the 2017 event would be the third since the conception of the Insurance Industry Consultative Council (IICC) in 2015.

    IICC is an amalgamation of all the constituent arms of the insurance industry, which includes the Nigerian Insurers Association, Nigerian Council of Registered Insurance Brokers and Institute of Loss Adjusters of Nigeria.

    The minister lamented that the insurance industry was facing the challenge of low-level penetration.

    “This means insurance from writing more premiums from millions of Nigerians can provide finance for our long-term economic growth for the country’s recovery.’’

    She said that practitioners must be willing to do more to make insurance a giant industry to look up to, adding that distribution channels must be innovative and that new products should be developed to attract the populace.

    She argued that to achieve conclusive growth, insurance must be deployed to rural areas.

    “Deepening insurance penetration to the rural areas must include, improving technical capacity to meet the emerging market trends.

    “The best way to promote insurance is to incorporate both individuals and corporate entities into the insurance market,’’ Adeosun said.

    The minister said that the Federal Government would ensure that its economic reforms supported the growth of the insurance industry, adding that many foreign investors had indicated interest to invest in the sector.

    “There is also a high level of ownership of insurable assets in Nigeria, despite the economic situation.

    “We expect that industry reforms will continue to drive investments and new market entries.

    “Foreign investors have shown great interest in the Nigerian insurance sector by entering into the market and progress can be seen in the introduction of new insurance products in the growing mortgage and housing sector.

    “To concentrate on the progress being made so far, Federal Government will always play its part to ensure that government assets are properly insured,’’ she said.

    Also speaking, the Minister of Trade and Investment, Dr Okechukwu Enelamah, said the best way to move the industry forward was for the practitioners to accept responsibilities.

    “The practitioners need to work hard to ensure that many Nigerians are dragged into insurance net.

    “The practitioners cannot compare themselves to entertainers,’’ Enelamah said.

    Earlier, Alhaji Mohammed Kari, the Commissioner for Insurance, National Insurance Commission (NAICOM), commended the Federal Government for its support for the industry.

    Kari described insurance as promoter and stabiliser of economic and commercial activities.

    He said the commission had commenced the review of processes which included timelines and deadlines.

    Kari said that the growth of the industry was hindered by unripe products, religious beliefs and wrong perception.

    NAN reports that over 400 participants are taking part in the NIC conference.

  • Osinbajo to attend 2017 National Insurance Conference

    Osinbajo to attend 2017 National Insurance Conference

    Mr. Shola Tinubu, Chairman, Planning Committee, 2017 National Insurance Conference (NIC), said on Tuesday that Acting President Yemi Osinbajo would declare open the three-day conference to begin on July 9.

    Tinubu, who made this known at a press briefing in Lagos, said that the conference would hold at the Transcorp Hotel, Abuja.

    He said the conference was aimed at removing all inhibitions against growing insurance business in Nigeria.

    “It is insurance practitioners and stakeholders’ pleasure to applaud the Federal Government for the all policy directions, especially against the backdrop of the nation’s recessive economy.

    “There was the dire need for a reversal of the economic trend, and the Federal Government through the promotion and exportation of local products and policies, is gradually leading the economy out of recession.

    “Also, worthy of commendation is the three years Economic Recovery Growth Plan (ERGP) from 2017-2020,” he said.

    Tinubu said the 2017 conference with the theme: “Nigeria Open for Business”, was apt in view of the Federal Government’s Ease of Doing Business Initiatives (EDBI).

    He noted that the EDBI was spearheaded by the Presidential Enabling Business Environment Council (PEBEC).

    Tinubu said that this year’s conference would be the third since the conception of the Insurance Industry Consultative Council (IICC) in 2015.

    He said the Minister of Finance, Mrs. Kevin Adeosun, would be the Chairman of the technical session of the conference while the Commissioner for Insurance, Alhaji Mohammed Kari, would be the chief host.

    “Mr. Tony Elumelu, Chairman of Tony Elumelu Foundation, will be discussing the theme paper with the aim of making delegates to draw from the speaker’s enormous exposure and experience in the nation’s financial services sector.

    “Discussants include Dr. Joseph Nanna,  Deputy Governor of the Central Bank of Nigeria;  and Alhaji Kyari Bukar, Executive Secretary of Nigeria Economic Summit Group,  among others,” he said.

    The News Agency of Nigeria (NAN) reports that IICC is the amalgamation of all the constituent arms of the insurance industry.

    It includes the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN), while the Chartered Insurance Institute of Nigeria serves as the coordinating arm.