The National Insurance Commission (NAICOM) with the full co-operation of the insurance industry has inaugurated the insurance industry committee on African Continental Free Trade Area (AfCFTA).
The inauguration today in Abuja is in compliance with the National Action Committee on AfCFTA implementation agreement and several resolutions to catapult the industry into taken action on AfCFTA agreement. And in the words of the Commissioner for Insurance, Mr. Sunday Thomas, this was done “in furtherance of our resolve to ensure that the Nigerian insurance industry not only responds appropriately to developments in the larger society but is united in its responses to these developments.”
The committee comprising of 15 members drawn from Nigerian Insurers Association, Professional Reinsurance Association of Nigeria, Nigerian Council of Registered Insurance Brokers NCRIB, Institute of Loss Adjusters of Nigeria and the regulator: NAICOM, has Mrs Ekeoma Esther Ezeibe, as the chairman.
The committee which is the industry strategic response to AfCFTA, also liaises with relevant government agencies and other bodies on the implementation of the AfCFTA agreement in the Nigerian insurance industry.
The committee is armed with a nine point terms of reference which include but not limited to the following: coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA agreement and its implementation; develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.
It is also charged to lead bilateral negotiations with any interested state party regarding the Nigerian insurance sector; attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA. Besides, it has a mandate to submit regular updates regarding developments on AfCFTA and activities of the committee to NAICOM.
To cap it, the committee is expected to “carry out such other relevant activities that the committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.”