NAICOM pledges enhanced capacity for insurance institutions

The National Insurance Commission (NAICOM) has stated that the partnership between it and the Nigerian Content Development and Monitoring Board (NCDMB) is a drive towards strengthening mutual oversight functions by the two organisations.
He explained that collaboration between the two was aimed at enforcing and strengthening compliance with the provisions of the relevant sections of NOGICD Act and relevant provisions of the insurance Act with respect to companies carrying on insurance business in Nigeria oil and gas industry that would enable the Board monitor the utilisation of in-country insurance capacity.
The federal Commissioner for Insurance, Mr. Sunday Thomas who was present at the signing ceremony in Abuja stated this at the signing of the joint guidelines between it and NCDMB for the mutual oversight functions, also informed that the current federal government drive toward enhancing local content was as a result of long term plans, borne out of good intentions and strategy to grow the nation’s economy, as well as, develop the, Nigeria industries and her human capital.
The Commissioner further added that that this long term plan informed the coming together of both NCDMB and NAICOM to sign the instrument that solicits information for adherence to federal government’s local content determination.
Going memory lane, Mr. Thomas observed during the ceremony that prior to the NOGICD Act of 2010, the insurance Act 2003 made far reaching provision for the domestication and domiciliation of insurance service in Nigeria. But following the peculiarity of the oil and gas industry, the NOGICD Act was enacted which therefore facilitated hitherto collaboration between NCDMB and NAICOM.
Mr. Thomas therefore called on ‘’all operators project promoters, alliance partners, and Nigerian indigenous companies engaged in any form of business, operations or contract in Nigeria oil and gas industry to note that the sighted relevant laws have demanded our adherence and continued compliance, hence the issuance of this guidelines.’’
He however, expressed the optimism for the realisation of the benefits of local content, which are, but not limited to increased retention, growth in in-country technical capacity.
Consequently, the commissioner pledged that NAICOM was ‘’committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions both financially and technically.’’

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