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Tag: NAIC

  • NAICOM, NAIC sign MoU on training

    NAICOM, NAIC sign MoU on training

    The National Insurance Commission of Nigeria, (NAICOM) and the National Association of Insurance Commissioners (NAIC) of the United States have signed a Memorandum of Understanding (MoU) on training and technical assistance.

    In a statement, NAICOM’s Assistant Director, Corporate Communication, Mr. Rasaaq Salami, said the purpose of the memorandum is to help maintain efficient, safe, fair and stable insurance markets in Nigeria and the US for the benefit and protection of policyholders, by providing a framework for co-operation, increased mutual understanding, exchange of information and technical assistance to the extent permitted by respective laws, regulations and requirements.

    He said: “Both NAICOM and the NAIC believe such cooperation will enable them to effectively regulate the industry and entrench international best practices more than ever before.

    “Nigeria’s Commissioner for Insurance, Fola Daniel and the president of NAIC/Commissioner, Louisiana Department of Insurance, James Donelon signed the MoU on behalf of both parties at a well-attended ceremony at the Willard InterContinental Hotel, Washington, DC in the United States.

    “Under the agreement, the authorities will provide mutual assistance periodically through training held in the host country; participation in internships with specific educational focus; educational seminars held in the host country, provision of training manuals/materials and any other issues of common interest.

    “Similarly, both NAICOM and the NAIC have reiterated the importance of complying with the International Association of Insurance Supervisors (IAIS) Core Principles for effective insurance supervision and the Financial Action Task Force (FATF) recommendations on Anti-Money Laundering.”

    NAIC is a non-profit Delaware corporation comprising chief insurance regulatory officers in the 50 states, the District of Columbia and the US territories.

    NAICOM signed a similar MoU with the National Insurance Commission (NIC) of Ghana in August, last year.

  • Flood: Farmers to get lifeline from NAIC

    The Nigerian Agricultural Insurance Corporation (NAIC) has assured farmers whose farmlands were destroyed by the recent flood that they would be compensated.

    In a statement, NAIC’s new Acting Managing Director, Dr Tijani Garuba, called on the staff of the firm to chart a new course to reposition the agency in the face of increasing competition and challenges in the market place.

    He assured NAIC’s clients of improved service delivery.

    While sympathising with the victims of the flood, Garuba advised farmers to take advantage of NAIC’s services to mitigate the floods, drought and crop failures that had become prevalent in the country.

    He also said the Federal Government established NAIC to provide succour and extension services to farmers who insured with the corporation to be paid adequate claims.