A major concern of insurance companies the inadequacy of third party motor insurance, has been put on the common platform for immediate review by the Insurers Committee and has been endorsed by the National Insurance Commission; and the on set committee that will be comprising the regulator and insurers is from the tone of early discussion will hit the ground running.
The vice chairperson, Nigerian Insurers Association Mrs. Ebelechukwu Nwachukwu said with all stakeholders standing on a common platform it has paved the way for immediate discussion between the NIA technical committee and NAICOM to determine if there will be a change in the N5000 premium of the third party motor insurance policy.
The head of the six-man publicity and communication committee Mrs Nwachukwu, commenting on the next line of action said “when you have a third-party as a policy, it is necessary that from time to time that you will revisit it and the technical and actuarial people will start working on that.” The NIA technical and actuarial team certainly has enough third party motor data to share with the NAICOM team in a keen open cast deliberation.
She said the restarted Insurers Committee now consist of six sub committees instead of former eight and they are corporate governance and ethics, market development, and customer services, technical and publicity and communication.
On the rebranding project, she said “despite the suspension of the project, the committee will at the right time resuscitate it and the structure will be different than what it was.
She said the match to the implementation of IFRS 17, demands that operators are compliant with data analysis pointing out that “IFRS 17 will change the note at which numbers are accounted for going forward, it is a very serious accounting structure that we need to take very serious.”
Included in the focus of meeting is a new direction for micro insurance and takaful insurance where the Commission promised to engage more with the operators and review the guidelines as needs demand.