Minister of Finance, Hajya Zainab Ahmed (Middle) and the Governing Board OF NAICOM. Photo: Biodun Dare
The Minister of Finance, Hajya Zainab Ahmed has called on the National Insurance Commission, NAICOM to ensure a significant improvement in the claims settlement culture of the industry.
Hajya Zainab while addressing the Governing Board of NAICOM who paid her a courtesy visit on Tuesday said compliance to rules and standards should be enforced among the operators.
She said the Insurance regulator should also work towards improving the uptake of Insurance among Nigerians, through development of innovative and relevant Insurance products and policies.
In his remark, the Chairman of NAICOM Governing Board, Dr. Abubakar Sani said the Commission was working to solve Insurance failure through the institution of strong regulatory measures as well as enforce the professional code of ethics among Insurance entities.
Dr. Sani said the Commission will also revisit the subject of recapitalization of the Insurance Industry and will embark on an investment drive to raise funds for the sector.
Reporting by Biodun Dare, editing by Daniel Adejo