The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, outlined plans for institutional reforms and a transformation roadmap aimed at derisking Nigeria’s $1 trillion economy, a target set by President Bola Tinubu for 2030. Omosehin made these remarks during the 2024 budget performance and 2025 budget defense held by the House of Representatives Committee on Insurance and Actuarial Affairs. He emphasized that NAICOM’s efforts would be crucial in supporting the country’s economic aspirations.
Omosehin further emphasized the importance of safeguarding insurance policyholders’ interests while restoring public trust in the sector. He urged the House of Representatives to support the timely passage of the Insurance Bill, which has already passed its Third Reading in the Senate. He reiterated that the reforms and roadmap would align the insurance industry with the goal of transforming the economy and ensuring its resilience in the coming years.
In addressing ongoing industry challenges, the NAICOM CEO assured that the commission has established measures, including an insolvency control framework and intervention protocols, to address entities facing difficulties. He highlighted the commission’s recent actions, such as regulatory interventions, to protect policyholders, demonstrating NAICOM’s proactive stance in safeguarding the insurance sector.
In a bid to strengthen enforcement efforts, Omosehin also revealed that NAICOM has collaborated with various enforcement agencies to ensure compliance with compulsory insurance laws, particularly the Third Party Motor Insurance. This initiative aims to improve compliance levels and increase public awareness of insurance’s role in national progress. Additionally, the House of Representatives adopted the proposed budget for 2025, which includes an Insurance Levy and fees for the fiscal year.
Source: TRIBUNE