By Sola Alabadan
The Chief Executive of National Insurance Commission (NAICOM) Olorundare Thomas has canvassed for collaboration among insurance operators to implement the International Financial Reporting Standards (IFRS) and Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing.
Thomas, who is also the President of Organisation of African Insurance Supervisory Authorities (OAISA), spoke during the General Assembly Meeting of the organisation on Thursday in Abuja.
The Commissioner for Insurance, Nigeria, said “These are areas where collaboration and strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of policyholders and stakeholders alike, shaping the trajectory of insurance governance across Africa”.
He stated that”We have a robust agenda for this assembly that reflects our commitment to addressing critical issues facing the insurance sector, one of which we will be implementation of international Financial Reporting Standards, an essential step towards enhancing transparency,accountability and financial stability within our
institutions.
“Additionally, we will focus on crucial matters such as Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing.”
He emphasised that “it is through these collaborative efforts, innovative solutions,and strategic partnerships that we will navigate the challenges and seize the opportunities that lie ahead”.
While pointing out that the Nigerian insurance industry’s efforts in the development of the market is an all-inclusive one, he listed the efforts made to include; creation of avenues, deepening of insurance penetration; increasing access to insurance products via digital platforms, and increasing visibility of insurance.
Consequently,he added that the Commission, in its effort to open up the market across the gee-political zones where insurance penetration is perceived to be very low, has implemented various market developmental initiatives to lift the insurance sector.
These initiatives, he added, include:
Transitioned to IFRS 17 effective January 2023, Implementation of Risk Based Supervision, Risk Based Capital and Innovation Project – FSD Africa Project, Bancassurance to help drive more distribution channels for insurance, Issuance of Guidelines – Corporate Governance and Market Conduct,
Encourage investment in digital capabilities and automation – e.g. launching of NAICOM Portal,launch of the Bimalab Project in February 2021, Introduction of regulatory reforms and policies e.g issuance of web aggregators’ and sandbox guidelines, Enforcement of the compulsory insurance products in Nigeria via partnership with MDAs and States Governments, Joint NAICOM and Nigerian Content Development Monitoring Board guidelines on submission of insurance programmes by operators, project promoters, alliance partners and Nigerian indigenous companies in the Nigerian Oil And Gas industry, amongst others.
OAISA aims to not only to foster a fair, secure, and stable insurance market, but to also play a pivotal role in bolstering regional financial stability.