NAICOM vows to ensure compliance with regulatory standards

The National Insurance Commission has maintained that it will ensure that regulations in the industry are complied with by all and sundry.

This was disclosed by the Commissioner for Insurance, Mr. Olusegun Omosehin at the Insurance Industry Consultative Council Media Retreat at the College of Insurance and Finance Management, Aseese, Ogun State, recently.

Omosehin, who was represented by the Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi, gave the keynote address at the retreat.

He said, “NAICOM has continued to enforce policies that promote transparency, accountability, and solvency, ensuring that the insurance industry remains stable, prosperous, and trustworthy.

“There are compliance issues and not to leave anyone in doubt, the Commission is out to ensure compliance to regulatory standards is one hundred per cent observed and adhered to by all and sundry. This, the Commission believes will enhance the ease of doing business and drive insurance growth and development.”

He also listed major areas the insurance industry focused on to boost growth and contribution to Nigeria’s economy in 2024.

He said, “Today, as we reflect on the progress made in 2024 and look forward to the year ahead, we must acknowledge that the Nigerian insurance industry, under the watchful eye of the National Insurance Commission has made significant strides. We have seen improvements in regulatory frameworks, increased awareness of the importance of insurance, and a more robust partnership with stakeholders. However, there is still much work to be done.’’

“Enhancing financial inclusion- We have worked tirelessly to ensure that more Nigerians, especially in underserved regions, have access to affordable insurance products and services. The shift toward technology-driven solutions in the insurance sector has been crucial in driving efficiency, improving turnaround time, increasing market penetration, and providing innovative services to meet evolving customers and stakeholders needs,” he added.

Speaking to the insurance journalists on shared mission with the industry, he said the role of the media extends beyond just reporting on the industry. “You are instrumental in educating the public, dispelling myths, and fostering a culture of risk management. As trusted voices in the community, you are in a unique position to influence attitudes toward insurance, highlighting its critical role in safeguarding lives, assets, and businesses,” he concluded.