NAICOM to review insurers’ performance

National Insurance Commission (NAICOM) said it is finalizing plans to assess the implementation of the regulatory priorities for the industry in 2017 and how to improve the local retention of insurance business and premium.

The commission in a statement said it will hold an interactive session with directors of insurance companies and major policy holders in Nigeria.

According to the commission, major insurance consumers from the manufacturing, aviation, oil and gas, marine, transport, construction, health and financial sectors of the economy are expected to attend the session.

“This is in furtherance of the commission’s commitment to ensure all stakeholders are adequately informed of developments in the sector and NAICOM’s plans for progress,” it said.

The commission listed issues to be discussed as: appropriate pricing of insurance, risk-based capital, corporate governance, service delivery, insurance penetration, local retention of insurance in line with NAICOM’s regulations.

Other issues are the local content act, consumer protection, prompt settlement of genuine insurance claims, among others.

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