The National Insurance Commission (NAICOM)has charged insurers to focus more on compliance of the Anti \u2013 money Laundering Combating Financial Crime Terrorism (AMLCFCT) regulation . <\/p>\n\n\n\n
Chairman, Sub-Committee on Publicity and Communications, Insurers Committee and Managing Director, NSIA Insurance Limited, Mrs Ebelechukwu Nwachukwu said this at a news briefing on the outcome of the insurance committee meeting held on Thursday evening . <\/p>\n\n\n\n
Ebelechukwu also Managing Director , NSIA Insurance Limited said that the commission directed that insurance firms must ensure that all their staff understand all the principle of AMLCFCT. <\/p>\n\n\n\n
\u201d There is a need for more training and train -the \u2013 trainer , to ensure that there is full knowledge and compliance to AMLCFCT regulation . <\/p>\n\n\n\n
\u201d This is to ensure that from an industry perspective, we can contribute more positively to Nigeria getting a good result eventually on the regulation . <\/p>\n\n\n\n
\u201d The general rating of the country in terms of AMLCFCT is low , so every sector is expected to charge its players to ensure that the rating is improved , \u201d she said. <\/p>\n\n\n\n
According to her , the directive from the commission was not out of place or peculiar to the industry , as every sector of the economy must be up \u2013 to date in terms of customer due diligence . <\/p>\n\n\n\n
On the upward review of the third \u2013 party motor insurance and ECOWAS brown card , expected from the industry since January 1, Ebelechukwu said that there is no position yet on the new price, as discussion on the implementation is still ongoing . <\/p>\n\n\n\n
She said : \u201d The commission had directed that the process for the new price should be completed by the end of April . <\/p>\n\n\n\n
\u201d The committee between NIA and NAICOM will interface to ensure that it happens . <\/p>\n\n\n\n
According to her, the commission during the meeting also charged insurers on improved documentation for effective implementation of the Risk Based Supervision (RBS) . <\/p>\n\n\n\n
Ebelechukwu stated that by the end of April , the commission would issue a definite statement on RBS and a roadmap that will steer the insurance industry new capital regime. <\/p>\n\n\n\n
On the NAICOM portal , she said the commission encouraged more usage of its portal and correct upload of data by the insurance companies. <\/p>\n\n\n\n
Ebelechukwu said the commission advised the underwriters to comply fully , as it may be forced to review its tactics to enforcing sanction on any erring insurance companies by the end of the month . <\/p>\n\n\n\n
According to her, the committee resolved that the industry have a large number of unpaid claims but discovered that challenges arising from improper documentation is responsible for certain unpaid cliams that have been reported . <\/p>\n\n\n\n
The managing director said that the industry players would work more with the media on sensitising the insuring public on policy documentation , how to lodge a claim and understand the documentation in claim process. <\/p>\n\n\n\n
On the Insurance bill before the National Assembly, Ebelechukwu stated that engagement is ongoing to ensure that the bill addressed the need of the industry when passed . <\/p>\n\n\n
The National Insurance Commission (NAICOM)has charged insurers to focus more on compliance of the Anti \u2013 money Laundering Combating Financial Crime Terrorism (AMLCFCT) regulation . Chairman, Sub-Committee on Publicity and Communications, Insurers Committee and Managing Director, NSIA Insurance Limited, Mrs Ebelechukwu Nwachukwu said this at a news briefing on the outcome of the insurance committee […]<\/p>\n","protected":false},"author":3,"featured_media":24207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[425],"class_list":["post-41795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-naicom","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n