By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) has vowed to facilitate fight against Money Laundering and Terrorism Financing.
The Commission made the vow while enumerating its corporate strategic plan for 2021 to 2023 in the ongoing Annual Seminar for Insurance Journalists in Lagos with theme ‘Corporate Strategic Plan Of The Commission 2021 – 2023: Goals, Objective And Key Deliverables.’
It would be recalled that the Commission had in 2016 set out a strategic plan which ran till 2020.
Presenting his paper titled ‘Corporate Strategy of the Commission 2021-2023: Goals, Objectives and Deliverables,’ Head, Strategy and Special Duties, Mr Usman Jankara stated that the strategic plan are hinged on Five Goals which includes Ensuring that public interest and policy holders are adequately protected, Entrench effective and efficient deliverables, ensuring safe and sound Insurance sector, Improve Trust and Encouraging innovation and promote Insurance market development.
On Improving Trust and Confidence in the Insurance sector, he said market conduct failures, ineffective complaints and grievance management, challenges with distressed insurers, and unethical practices and money laundering have all negatively impacted trust in the industry.
However he assured that the commission is set to institute good market conduct in the Nigerian insurance industry and ensuring fair complaint/grievance management system.
Facilitating Fight against Money Laundering and Terrorism Financing. Effective management of troubled institutions and improved utilization of the SIDF
Jankara opined that lack of understanding and awareness, fake insurance, poor market conduct and claims practices, insolvency and cumbersome liquidation processes to mention but a few expose policyholders to unsavoury experiences with insurers ‘We will ensure protection of policyholders and public,’ he assured.
On ensuring that public interest and policy holders are adequately protected he said commission is Promoting improvement in policyholders protection scheme and better utilization of the Security & Insurance Development Fund to enhance policyholders’ protection against insolvent/distressed insures.
“Enhancing enforcement of market conduct rules and monitoring degree of customers’ satisfaction, Ensuring that government assets and liabilities are adequately insured.” he said
On Encouraging innovation and promote Insurance market development, he said that high rate of innovative technology adoption will impact the future of the insurance industry. Rate based competition drive premiums down to the extent that risk of unfulfilled contractual obligation becomes reality.
However he said that the commission facilitating innovative and competitive practices in the industry through regulatory sandbox, service-based competition, Facilitating attainment of the National Financial Inclusion target andaccess to insurance through alternative distribution channels and implementing Principles for Sustainable Insurance and facilitating regional integration of West African insurance market
On implementation of the plan he said, “the implementation matrix has been developed and approved, the Corporate Strategy and Special Duties Department will monitor and evaluate progress towards the plan and will periodically appraise the progress made by Departments and Units in the course of implementation of the plan.”
“The indices for measuring success already included under each of the Strategic Goals will provide the basis for monitoring progress and to ensuring that we are on track to successfully implement the plan.” He said.
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