NAI To Fortify Link With CBN, SEC, PenCom As Chairman Unveils 9-point Agenda

By LOVETH AZODO, Lagos

The Nigerian Insurers Association (NIA) has said that it will improve its relationship with regulatory agencies, including National Insurance Commission (NAICOM) Central Bank of Nigeria (CBN) Security and Exchange Commission (SEC) and National Pension Commission (PenCom).

The Chairman of the Association, Mr Ganiyu Musa who stated this at his investiture as the 24th Chairman of the association in Lagos unveiled his 9-point agenda, which he hopes to leverage to take the insurance industry to lofty heights.

According to him, “His first agenda is to refocus the association to win support and respect from all stakeholders in Nigeria economy, particularly the executive and legislative arms of governments, followed by working with all stakeholders to ensure passage of the consolidated insurance bill and working with his predecessors in office to move the association to the next level.

He intends to collaborate with other bodies in the trade industry to deepen insurance penetration in Nigeria; promote ethical standards amongst NIA member companies and larger insurance industry to earn the respect the association deserves; work with all stakeholders to address all restrictive laws on insurance practice; work with its partners such as GIZ and the Financial Inclusion Secretariat to ensure greater insurance awareness and penetration and work with NAICOM to achieve seamless migration to IFRS 17.

The chairman says the list of what he desire to achieve is not exhaustive, adding that his administration would look inwards to take advantage of the untapped potential demand for insurance in Nigeria, stressing that this would engender relevance of insurance business to the growth of the nation.

The Commissioner for Insurance, Mr. Sunday Thomas, at the investiture implored the NIA to work hard in ensuring its members live up to their claims responsibilities.