The portal is also expected to not only digitalise all NAICOM operations but will also require that all industry operators comply with its digital platform requirements.
One key requirement would mean that all insurance policies issued in Nigeria would have a unique policy number and be uploaded on the NAICOM portal automatically to reduce fake insurances and ensure effective regulation. This and more insurance market development initiatives will happen this year, the acting Commissioner of Insurance, Mr. Sunday Thomas said.
Mr. Thomas, who spoke yesterday at the annual seminar for insurance journalists in Kano, noted that the Commission would be drifting from compliance to initiatives that will accelerate market development and growth in 2020. He noted that the “year 2020 is a year for us to turnaround the fortunes of the industry and this cannot be accomplished without digitalising our processes and encouraging the industry to imbibe same.”
He assured that as the year continues to unfold, giant strides will be made by the Commission in all aspects of its statutory responsibilities. Speaking on the ongoing recapitalisation the NAICOM CEO explained that “the essence of the recapitalisation is a move to ensure that the industry becomes more robust in its technical competence and financial base, building confidence, trust and enhancing market value. This is aimed at repositioning the sector for self-actualization in terms of growth and development.’’
