L-R: Deputy Commissioner, Technical, Dr. Usman Jankara; Commissioner for Insurance Olusegun Omosehin, and Deputy Commissioner, Finance/Admin Ekerete Ola Gam-Ikon at the event.
The Commissioner for Insurance, Olusegun Ayo Omosehin says he has been able to learn and relearn since his appointment 3 months ago, so as to get direction to serve the Industry appropriately.
The Insurance boss said he had met with key stakeholders in the industry
and the engagements has helped in fashioning a way out for the Commission to thrive adding that the future of NAICOM is looking brighter.
A lot according to him has happened in the economic space of Nigeria and there is the need for the Insurance Sector to be embedded in d national life and for insurance to be relevant in the scheme of things, the NAICOM team has put together a vision and come out with a 10-year roadmap.
“A number of initiatives have bee rolled out and the mandate of the Commission is to regulate, supervise and develop the sector”
Omosehin explained that all the initiatives have been harmonised into five key priorities.
Number one on the table according to him is that NAICOM has the desire to prioritize consumer interest as this will help the industry to rebuild public confidence in the sector, adding NAICOM will reduce, if not totally eradicate entities that are not able to meet their claims obligations.
The Commissioner said he hoped to strengthen the internal mechanisms of NAICOM to enable it carry out its duties adequately without having attracting legal actions from the public.
” Soundness of Operators is another priority as operators should be sound and this involves moving the Minimum Capital to a state where they can meet their obligations. They must be financially sound and stable”
The NAICOM boss said innovations is very key and the regulatory body has to create an enabling environment for Operators to thrive and take full advantage of opportunities created for them, saying this informed the reason for creating a Directorate for Innovations to change the course of the Commission.
“Penetration and Accessibility, another priority. The need to restore public confidence and trust in the Insurance Sector is a mandate that must be achieved”
The Commissioner posited that attitude of non-claim settlement would no longer be treated with kid’s gloves adding that a One trillion dollars economy is being projected for the country by the President and insurance must not be left behind but but gear up to be a key in a
One trillion dollar economy.
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