The Insurance Commissioner and Executive Director of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, on Monday, said that institutional reforms and transforming route that are implemented will help obtain the economy of $ 1 billion of $ 1 of the country initiated by President Bola Tinubu.
Mr. Omasehin secured in Abuja during the 2024 budget yield and the 2025 budget defense held in the instance of the Insurance and Actuarial Committee of the House of Representatives chaired by the Hon. Ahmed Jaha.
While requesting the support of the Chamber to guarantee the timely approval of the Safe Law has reduced the third reading on the Senate floor, Naicom Helmsman reiterated the resolution of the commissions to safeguard the interest of insurance and insurance policies Restore public trust.
He said: “We want to be that sector that continues to give the need, so called, necessary for the Nigerian economy.
“Lord. The president, has declared that Nigeria waits or aspires to be an economy of $ 1 billion by 2030, the insurance sector cannot be left behind, so these reforms and maps of transformation of the road are what will deliver the Reform necessary to calm a risk of $ 1 billion of economy. “
He assured that the Commission has been implemented within existing laws, insolvency control and intervention framework, which will allow the institution to address some of the dentition challenges that entities are having.
“I am sure that I do not ignore some cases in which we have had to take some regulatory measures, even in the last four months, assuming a particular entity and being able to intervene quickly to safeguard the interests of the headlines of policies that were involved.”
In the attempt to deepen its role of compliance, he revealed that the Commission has embarked in mass collaboration with several execution agencies on some of the existing mandatory insurance as encapsulated in the laws of the nation.
“Recently, we have committed ourselves, we have embarked on a mass collaboration effort with all the various application agencies that have power, teeth to bite, to help us make this priority and the first of those policies we choose is is the Compulsory car insurance, mandatory third party car insurance. “
According to him, the Commission “realized that its level of compliance in this regard has been too low. Therefore, the new initiative, I received comments, complaints from members of the Nigerian public, and I am sure Mr. President , yourself and its members could have received it, but allow me to use this opportunity that I have to say that this is a requirement that advances that allows us as a nation to take that step that is required to advance.
“When it comes to insurance penetration, we are using the opportunity to do as much as possible, a lot of consciousness lighting campaign and, in fact, be able to educate the Nigerians.”
Speaking during the interactive session, Hon. Ahmed Jaha and other members unanimously adopted the estimation of the proposed budget of N29,931 billion that include collection of projected insurance in N17.6 billion, as well as fees and fines of N12.3 billion for 2025 fiscal year.