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NAICOM seeks support of states for insurance development

The National Insurance Commission has called for the buy-in of States for the promotion of Compulsory and other Insurance packages in their domains.

The Commissioner for Insurance, Mr. Sunday Olorundare made the call during an advocacy visit in furtherance of the push for the growth of the Insurance sub sector.

Mr Olorundare said Kano state with its large scale commercial activities stands the opportunity of leading by example and taking advantage of the huge potential in Takaful and Micro-insurance products introduced by the Commission in order to address religious beliefs and economic differences about conventional insurance.

He identified some of the insurance packages made compulsory by extant laws in the country to include Motor Vehicles Third Party Insurance, Professional Indemnity insurance for Health workers, Public Building Liability Insurance, Insurance of Building under Construction above 2 floors, Group Life insurance under the Pension Reform Act and Annuity for retirees.

In response, Governor Umar Ganduje commended the Commission on its effort to develop the insurance sector while urging the industry to do more in gaining public confidence and improving public perception of the industry.

The Governor also directed that a committee be constituted immediately to look at the aspect of the implementation of compulsory insurance packages as well as working with the legislative arm on domesticating the insurance laws in the State.

Biodun Dare