The National Insurance Commission (NAICOM) has approved the renewal of the licences of insurance brokers and loss adjusters to hold every two years as against one year.
The Director, Policy and Regulation Directorate, NAICOM who spoke in Kano, said the two-year renewal process will commence from April this year.
He added that the commission, last week released the guideline for the implementation of the initiative.
Meanwhile, the Acting Commissioner for Insurance, Sunday Thomas, said, the second phase of the Market Development and Restructuring Initiative” (MDRI) will soon be unveiled and that the regulatory body will mark out clear targets and tasks for all stakeholders in the insurance industry.
He said: “Going forward, we shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the Country. We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.
“The successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of strategic national assets. The commission will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance.”
On the ongoing recapitalisation exercise, he said the essence of the initiative was to ensure that insurance industry becomes more robust in its technical competence and financial base, building confidence, trust and enhancing market value.
This, he stressed, is aimed at repositioning the sector for self-actualisation in terms of growth and development.
He said: “The financial inclusion strategy has been central to the Federal Government developmental plan an the commission, has, over the years, invested hugely in the development of financial inclusion mechanisms which includes the introduction of Microinsurance and Takaful Insurance products. The Commission shall continue to deploy more energy and resources in building public trust and confidence in insurance despite years of poor perception, he promised.
“Also, Annuity business has been making headlines recently with a boost in the contribution of the business to the sector. We are excited that the public is becoming more exposed and knowledgeable about the workings of Annuity, expecting that this will continue as the future is looking very bright for annuity business. This has also shown a positive growth in trust and confidence in the insurance sector.”