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Tag: National Insurance Commission (NAICOM)

  • NAICOM workers resume after three-day warning strike

    NAICOM workers resume after three-day warning strike

    Workers at the National Insurance Commission ( NAICOM ) resumed duty on Thursday in Abuja after putting off their  three-day warning strike to press for improved welfare.

    Mr Ibrahim Abdullateef, the Chairman, Association of Senior Civil Servants, NAICOM, confirmed the resumption in an interview on Thursday in Abuja.

    Abdullateef said the strike had been put on hold pending the implementation of all the demands made by the union from the commission.

    “We did not call off the strike, we suspended the strike and any time any of the agreement is breached, it will call for another industrial action without any further notice.

    “Each and every agreement reached has a time line attached to it; however, we are hoping that the management will be able to implement all the agreements that we reached soonest.

    “Since the Minister of Labour has called us and the management has signed the MoU , we expect not only the signing but also implementation of the demands.

    He explained that there was an MoU between the management of the commission and the union which the management allegedly failed to endorse,   leading to the three-day strike.

    He expressed optimism that the relevant agencies of government would look into the various demands and expectations of the union and take due action.

    Mr Rasaaq Salami, the Head, Corporate Affairs, NAICOM, on Nov. 1, confirmed that the strike was called off following an agreement between the management and staff in a peace meeting brokered by the Minister of Labour, Dr Chris Ngige.

    Salami said,“ an MOU was signed by both parties. Normal work resumes tomorrow in the office as the staff have unlocked the gates and offices.”

    NAN reports that the  staff laid down their tools over welfare and other labour matters.

    They staged a peaceful protest at the Commission’s head office in Abuja to announce the strike and called for payment of their entitlements.

    The issues at stake include payment of promotion arrears, improved working environment and working tools such as laptops, desktops, inverters and inspection vehicles.

    NAN

  • NAICOM, others to lead discussions at NAIPCO 2017 conference

    NAICOM, others to lead discussions at NAIPCO 2017 conference

    The National Insurance Commission ( NAICOM ), National Pension Commission ( PenCom ) and Lagos State Government are to lead discussions on burning industry issues at the Insurance and Pension Correspondents 2017 Conference on Oct. 25.

    The National Association of Insurance and Pension Correspondents ( NAIPCO ), which disclosed this in a statement signed by its President, Mrs Omobola Tolu-Kusimo, said the conference would be held in Lagos.

    Tolu-Kusimo said that the theme of the conference would be “Legislation of Pensions, Intrigues, Interest, Governance and the People”.

    She said that the keynote address at the conference would be delivered by the Lagos State Governor, Mr Akinwunmi Ambode.

    The NAIPCO president said that solutions would be proffered to challenges facing the sector to enhance its contributions to economic growth.

    “The stakeholders will discuss legislations in the sectors and impact on Nigerians at large.

    “An investor and Industrialist, Chief Dele Fajemirokun, will chair the occasion, while the Iyaloja of Lagos, Mrs Folashade Tinubu-Ojo, is expected to lead the market women and traders to the conference.

    “The 3-in-1 event will also accommodate the launch of the Association’s Quarterly Journal named “NAIPCO Trumpet”, and awards for deserving legendaries in the insurance and pension sectors.

    “At the event, 21 individuals and companies have been slated for awards for their outstanding services and performance,” Tolu-Kusimo said.

    She said that the lead paper of the conference on  “Insurance Legislation: Beyond Lawmaking” would be delivered by the Managing Director, Leadway Assurance Ltd., Mr Oye Hassan-Odukale.

    “Another paper on ‘Insurance Consumption: The Apathy and Unknown Secret,’ will be delivered by the Deputy Commissioner, NAICOM, Mr Sunday Olorundare Thomas.

    “The Director General, Lagos State Pensions Commission (LASPEC), Mrs. Folashade Onanuga, will speak on ‘Boosting Customer Service Relations between Insurance and Pension Operators’.

    “A paper titled: ‘An Overview of Pension Administration in Nigeria’, is expected to be delivered by the Chairman, Pension Funds Operators’ Association of Nigeria (PenOp), Mr Lounge Eguarekhide,” the NAIPCO president said.

    NAN

  • NAICOM reiterates plan to grow insurance industry by 2020

    NAICOM reiterates plan to grow insurance industry by 2020

    The National Insurance Commission ( NAICOM ) on Sunday reiterated it’s plan to further grow the Nigerian insurance industry by 2020.

    The Deputy Commissioner, Technical, NAICOM, Mr Sunday Thomas said that the commission was working to ensure the success of its major priorities for 2017 to 2020.

    Thomas therefore reiterated NAICOM’s desire to collaborate with state governments to ensure the effective implementation of the second phase of the commission’s Market Development and Restructuring Initiative ( MDRI ).

    The MDRI is aimed at addressing the issues of compulsory insurance products, insurance agency system, fake insurance institutions and rusk based supervision.

    It is a plan that aims to bring about necessary reforms in the areas of industry capacity, market efficiency and consumer protection in the Nigeria insurance market.

    NAICOM had visited the Ogun and Lagos state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.

    NAICOM on Friday also visited the Kaduna State governor to seek the state’s collaboration in enforcing compulsory insurance in Kaduna and expressed desire to establish a branch office in the state.

    According to Thomas, arrangement is being made to speak to Governors Forum, to talk to all the governors to see where they stand in the implementation of the MDRI in their states.

    “And part of the selling point is the fact that it is going to enhance their employment initiative, increase their IGR, among other advantages,” he said.

    On claims payment, he said it was an important issue and the commission would not shy away from carrying out its duties regarding claims.

    He noted that the commission had the backing of the law to withdraw licences from companies for non compliance but could only do that following the right procedures.

    On implementation of the risk-based supervision of the commission, Thomas said that a kind of pilot inspection was about to be conducted.

    He explained that NAICOM would, in the pilot phase, test run the selected companies to see their level of adaptation to new concepts over the years.

    He said that the test would ensure that the companies knew and understood the various roles and responsibilities they had to carry out within their locations.

    On learning/training for directors, he said the regulatory body would increase the knowledge base of the directors so they would understand better the business and what was expected of them.

    “We will do some trainings, some will be optional and others mandatory which may occure more than ones in a year for them.

    This will enable them to learn, know their roles as directors, so that when they are taking decisions, it will be decisions based on knowledge, based on information,” he said.

    Thomas further said that the regulatory priority plan was subject to review as events unfolded and as new challenges arose in the industry.

    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.

  • Guinea Insurance targets 80% insurance coverage

    The Chairman of Guinea Insurance Plc, Mr. Godson Ugochukwu, says the company is targeting to bring 80 per cent of Nigerians under insurance cover by 2021.

    Ugochukwu told the News Agency of Nigeria (NAN) on Monday in Lagos that Nigerians do not give priority to insurance.

    According to him, the company has carefully crafted a five-year strategic business plan consisting of capacity building, consolidating and repositioning the corporate brand of the company, by building a tribe of loyal and dedicated customers.

    “Our plan is that the company’s financial result from 2017 would be buoyant than the past results and the target to drag 80 per cent of insurable citizens into insurance net by 2021 is a must achieve goal.

    “We have also commenced our get-up-and-go initiatives to reposition the company and by forging strategic business alliances, repackaging our products, offerings and establishing cell offices to enable us extend our tentacle,” he said.

    The Guinea Insurance chairman said the company has spread its micro-insurance products to over seven states.

    “The company has resolved to significantly impact the development of the informal sector (retail and micro-insurance) and continue to increase business generation,” he said.

    Ugochukwu reiterated that the company would comply with all needful regulations of the National Insurance Commission (NAICOM) for efficiency.

    “As you can see, we have kept to our words that the company would hold its 2015 Annual General Meeting (AGM) against wrong speculations.

    “We held the 2015 and 58th AGM at Hawthorn Suites by Wyndham, Garki, FCT, Abuja.

    “The company’s account for 2016 has also been approved by NAICOM, soon, the AGM for 2016 will be held,” he said.

    Speaking on the company’s 2015 and 58th AGM held in Abuja on March 16, Ugochukwu said; “The Gross Premium Income (GPI) increased from N867.99 million recorded in 2014 to N1.01 billion with 16.6 per cent increase in the year under review.

    “The Profit Before Tax (PBT) increased from N14.4 million recorded in 2014 to N47 million in 2015 with 22.6 per cent increase.

    “Also, the loss for the year decreased by 91.2 per cent to N7.2 million in 2015 as against N81.89 million recorded in 2014.

    “Shareholders’ Funds increased marginally from N2.896 billion recorded in 2014 to N2.899 billion with 0.12 per cent.”

     

  • Court to rule on disengaged NAICOM workers suit March 22

    Court to rule on disengaged NAICOM workers suit March 22

    The National Industrial Court, Abuja, has fixed March 22 for ruling in a case of alleged unpaid pension instituted by Aliyu Sani and 18 others against the National Insurance Commission (NAICOM).

    The Presiding Judge, Justice Edith Agbakoba, fixed the date after listening to the submissions of parties in the suit.

    The court will rule on whether it has jurisdiction to hear the case.

    It would also determine the issue of statute of limitation on whether the suit was filed within time.

    These were issues raised in the preliminary objection by the respondent’s Counsel, Mr Paul Omoluabi.

    Omoluabi had argued that the court had no jurisdiction to hear the case, claiming that the suit was already before a court of competent jurisdiction.

    The respondent’s counsel, therefore, urged the court to dismiss the case, saying that the suit was filed out of time.

    “We request that this suit be dismissed as it is caught up by the statute of limitation; it is also an abuse of this court,” he said.

    Counsel to the claimants, Mrs. Adeseun Araoye in her submission told the court that the parties before the court were proper.

    She explained that the case before the court was different from the one being referred to by Omoluabi.

    “What we have before you my Lord, is about stoppage of pension, this suit is clearly different from the other suit which is about termination of appointment.

    “We submit that my Lord has the requisite jurisdiction to entertain this suit, the claimants are entitled to their pension regardless of whether they were dismissed,” she argued.

    Araoye urged the court to strike out the respondent’s preliminary objection.

    According to her, if the defendants have any defence, let them file it.

    The court then adjourned to rule on whether it has jurisdiction to hear the claimants’ suit. The claimants, who alleged that they were unlawfully sacked from NAICOM in 2008 joined the Commissioner of Finance in the suit.

    They are asking the court to prevail on the commission to pay their unpaid pension and other entitlements accrued since 2008.

  • 12 million cars owners in Nigeria use fake insurance cover- Senate

    12 million cars owners in Nigeria use fake insurance cover- Senate

    The Senate yesterday mandated its Committee on Banking, Insurance and other financial institutions to invite stakeholders in the insurance sector to look into recent findings which showed that over 12 million motorists in the country use fake insurance papers.

    Stakeholders to be invited according to the resolution of the upper chamber included the National Insurance Commission (NAICOM), registered Insurance companies in Nigeria, relevant law enforcement agencies.

    The stakeholder, the Senate said, should urgently deliberate on ways and means of ensuring the strict implementation and compliance with the six compulsory insurance schemes as provided in the Act and invoke sanctions where necessary.

    The resolutions followed a motion by Senator Ahmed Salau Ogembe (Kogi Central) and eight others entitled, “Implementation of the compulsory insurance in Nigeria as provided in the ‘Insurance Act Regulation, 2003.’

    Senator Ogembe in his lead debate lamented that of the 16 million vehicles in the country, only four million are properly insured.

    He noted that the “Insurance Act and Regulation 2003” expressly provides for six compulsory insurance schemes namely: (i) The Third Party Motor/vehicle insurance (ii) Building under construction insurance (iii) Group Life insurance (iv) Public buildings insurance (v) Workman Compensation insurance (vi)  professional indemnity insurance.

    He further noted that these insurance schemes are made mandatory to take care of third party liabilities arising from the actions or inactions of a person, group/organizations in the course of their activities.

    The Kogi Central lawmaker said that he is worried that the country is grossly under-insured “and  basically, her citizens do not take advantage of services rendered by this very important sector of the economy as a result of many reasons such as; (a) the existence of unregistered insurance institutions within the system (b) ignorance and gross knowledge gap. (c) apathy occasioned by several factors including mistrust and fear for the whole concept of insurance (d) Poverty.”

    Senator Ogembe also said that he is worried that there are presently 58 insurance companies registered with the National Insurance Commission, “yet there are uncountable number of unregistered insurance institutions selling worthless insurance certificates to unsuspecting members of the public.”

    “This reprehensible act is mostly manifest in the third party motor/vehicle insurance scheme where such unregistered institutions connive with relevant law enforcement agencies to perpetrate their act,” he said.

    He noted that Section 3(a) (b), section 4(1-4) of the Insurance Act, 2003, expressly provides the conditions for the registration of an insurance company in Nigeria, yet these provisions are frequently flouted.

    The lawmaker said that he is alarmed at the staggering number of Nigerians who seek for help for various reasons including mishaps at workplace, illnesses traceable to occupational hazards, debilitating injuries and even death as a result of motor accidents, injuries and death resulting from building collapse, despite the “Building under construction Insurance” and the “Public Building Insurance” as provided in the Insurance and Regulation Act, 2003.

    He noted that it is equally disturbing that these Nigerians often have no choice but to have recourse to both the electronic and print media to seek help which more often, do not produce the expected results.

    He expressed confidence that if the “Compulsory Insurance Schemes”” are implemented as provided in the Insurance Act, most of challenges raised would be solved.

    Senator Ogembe added that he is further convinced that insurance is a huge/serious business and its potential in country towards solving social and economic problems cannot be over emphasized.

    He insisted that the Senate should be determined to make necessary changes in the interest of the country and the insurance sector.

    Apart from inviting stakeholders to deliberate on the challenges, the Senate also mandated NAICOM to properly orientate the public on the Insurance Policies as stipulated in the Act and make known to the public the 58 registered Insurance Companies through sustained enlightenment in the national media.

    It said that the National Assembly should pay more attention to the Insurance sector through appropriate legislation and deliberate actions to raise the status of Insurance in Nigeria to be at par with other sectors such as Banking and Capital Market as well as complying with best practices globally.