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NAICOM intensifies effort to meet oil, gas industry needs

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Lagos, July 21, 2023: The National Insurance Commission (NAICOM), says it has intensified its ongoing drive to facilitate platforms that address the demand-supply gap in the oil and gas Industry.

Mr Sunday Thomas, Commissioner For Insurance, NAICOM, said this while delivering a keynote address at the 2023 Oriental News Summit on Thursday in Lagos.

The theme of the summit is: “Building Local Content Synergy between the Oil and Gas, and Insurance Sectors in Nigeria”.

Thomas, also the Chief Executive Officer of the commission, said that the platform would encourage specialised insurance products that meet the needs of the industry.

Thomas said the commission was poised to address all potential regulatory impediments, support the development of human capacity and ensure technical capacities of insurance suppliers in the industry.

Others, he said include adequate risk pricing, comprehensive coverages and risk management.

“As a regulator, we are committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, both financially and technically.

“Beyond our promises and without pre-empting the paper presenters and discussants, I will express the need for reciprocal expectations from the operators in the oil and gas sector.

“One of which is timely compliance with the requirements of the guidelines, jointly issued by the commission and the Nigerian Content Development and Monitoring Board (NCDMB).

According to him, the drive toward enhancing local content speaks to the long-term plan of the government, burn out of good intention and strategy to grow its economy, develop the Nigerian industries and human capital.

Thomas explained that prior to the Nigeria Oil and Gas Industry Content Development Act of 2010 (NOGICD ACT), the Insurance Act 2003 made provisions for the domestication and domiciliation of insurance services in Nigeria.

He said that this is stated, in  Section 65(7), which made it compulsory for any property located in Nigeria, whether moveable or immovable to be insured with a Nigerian registered insurer.

The commissioner said Section 67 requires that insurance of all imports into Nigeria must be insured by registered insurers.

Thomas stated that the historical relationship between both the oil and gas, and insurance industries could be traced to the birth of the latter, following the issuance of the NOGICD ACT.

He expressed that the insurance industry, in collaboration with the NCDMB, brainstormed and came up with the issuance of the Guidelines for oil and gas insurance business issued in 2010.

According to him, the guideline, among others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law.

He, however, said that was with the primary consideration of ensuring actual exhaustion of available In-Country Insurance Capacity.

Thomas said the overall aim of the guideline is the development of indigenous content through increased local participation.

“The synergy between both industries was renewed when both agencies identified the need for a veritable platform for inter-agency collaboration.

“This is in order to give effect to the requirements of Sections 49 and 50 of the NOGICD Act 2010 by providing guidance to operators in the oil and gas, necessary for satisfying the provisions of the law in relation to insurance transactions.

“The journey for the renewed collaboration transited to the signing and unveiling of the guidelines on submission of insurance programme by operators, project promoters, Alliance partners, and indigenous companies in the Nigerian oil and gas industry,” he said.

According to him, NAICOM has shown a positive attitude to market development by the release of the Soundbox Guidelines which is an instrument to test ingenuities in the market.

Thomas said, the commission sought to facilitate and promote innovative insurance solutions that would address the gaps in current insurance offerings.

The NAICOM boss stated that following the mandate to develop indigenous capacities to participate in the oil and gas industry, both regulators would collaboration to facilitate and promote adequate assessment of the needs of the oil and gas industry.

He noted that both regulators must also be able to influence the behaviour of Insurers, Reinsurers and Brokers in manners that address the needs for national growth and development.

NAICOM

NAICOM intensifies efforts to meet needs of Oil & Gas Industry

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Lagos, July 20, 2023: The National Insurance Commission (NAICOM), said it has intensified ongoing drive to facilitate platforms that addresses the demand-supply gap and encourages specialised insurance products that meets the needs of the oil and gas Industry.

Mr Sunday Thomas, Commissioner For Insurance/Chief Executive Officer, NAICOM said this while delivering a keynote address at the 2023 Oriental News Summit on Thursday in Lagos.

The theme of the summit is : Building Local Content Synergy Between The Oil And Gas And Insurance Sectors In Nigeria.

Thomas said the commission was poised to address all potential regulatory impediments, support the development of human capacity, ensure technical capacities of insurance suppliers, adequate risk pricing, comprehensive coverage and risk management

” As a regulator, we are committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions both financially and technically.

“Beyond our promises and without pre-empting the paper presenters and discussants, I will express the need for reciprocal expectations from the operators in the oil and gas sector.

“One of which is timely compliance with the requirements of the guidelines jointly issued by the commission and the Nigerian Content Development and Monitoring Board(NCDMB).

According to him,  the drive towards enhancing local content speaks to the long-term plan of the Government, burn out of good intention and strategy to grow our economy, develop the Nigerian industries and her human capital.

Thomas explained that prior to the Nigeria Oil and Gas Industry Content Development Act of 2010 (NOGICD ACT), the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria.

He noted in particular section 65(7) which made it compulsory for any property located in Nigeria, whether moveable or immovable to be insured with a Nigerian registered insurer.

The commissioner said section 67 requires that insurance of all imports into Nigeria must be insured by insurers registered in Nigeria.

Thomas stated that the historical relationship between both the oil and gas and insurance industries could be traced to the birth of the latter, following the issuance of the NOGICD ACT.

He expressed that the insurance industry in collaboration with the NCDMB brainstormed, leading to issuance of the Guidelines for Oil and Gas Insurance Business issued in 2010.

According to him, the guideline, among others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law, with the primary consideration of ensuring actual exhaustion of available In-Country Insurance Capacity.

Thomas said the overall aim of the guideline is the development of indigenous content through increased indigenous participation.

“The synergy between both industries was renewed when both agencies identified the need for a veritable platform for inter-agency collaboration.

“This is in order to give effect to the requirements of Sections 49 and 50 of the NOGICD Act 2010 by providing guidance to operators in the oil and gas, necessary for satisfying the provisions of the law in relation to insurance transactions.

“The journey for the renewed collaboration transited to the signing and unveiling of the guidelines on submission of insurance programme by operators, project promoters, Alliance partners, and Nigerian indigenous companies in the Nigerian oil and gas industry,” he said.

According to him, NAICOM has shown a positive attitude to Market Development by the release of the Soundbox Guidelines which is an instrument to test ingenuities in the market.

Thomas said, the commission seeks to facilitate and promote innovative insurance solutions that will address the gaps in current insurance offerings.

The NAICOM boss stated that, following the mandate to develop indigenous capacities to participate in the oil and gas industry, both regulators would by this collaboration be able to facilitate, promote adequate assessment of the needs of the oil and gas industry.

He noted that both regulators must also be able to influence the behaviour of Insurers, Reinsurers and Brokers in manners that addresses the needs for national growth and development.

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NAICOM approves Sanlam Insurance underwriting agric business

Sanlam General Insurance Nigeria Ltd. has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural business risks.

The Managing Director of the company, Mr Bode Opadokun, said this in a statement on Tuesday in Lagos.

Opadokun said the regulator’s approval would further position Sanlam to broaden its product offerings and deepen insurance penetration in Nigeria.

He said that the risk mitigation services offered by the insurer cut across the entire agricultural value chain.

Opadokun listed some of the products offered to include: multi-peril crop insurance, area yield index insurance, weather index insurance, livestock insurance and poultry insurance.

Others are agricultural goods-in-transit insurance, farm property and produce insurance which comprises agro-produce in warehouse and farm machineries.

Opadokun said that Sanlam’s agricultural insurance products are designed to protect farmers across the agricultural value chain against the insured perils of fire, flood, drought, windstorm, pest and diseases.

“In a bid to have significant agricultural productivity, the company brings into the sector unique value proposition such as human assets, experience and professionalism.

“We also make available deployment of bespoke products and services as well as prompt claims payment.

“We are excited to underwrite agricultural risks, having robust agricultural insurance professionals and technical experts in the Nigerian insurance sector at our disposal.

“Our products are competitively priced without sacrificing quality and Sanlam Insurance remains flexible as it has carefully considered each client’s unique need in order to develop fit-for-purpose products,” he said.

According to him, clients may be able to access free farm advisory services during monitoring and inspection and regular access to veterinary surgeons and animal health nutritionists.

He said that farm consultancy services would also be made available at zero or minimal costs.

On claims payment, Opadokun said that the insurance firm considered prompt claims processing and settlements as critical success factors to its business model .

He noted that this was a cardinal part of its strategy to ensure customer satisfaction at all times.

Sanlam General Insurance Nigeria Ltd. is a subsidiary of Sanlam Life Insurance Nigeria Ltd, incorporated to transact general insurance business in Nigeria.

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NAICOM axes 2 Insurance companies

The National Insurance Commission (NAICOM), has cancelled certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc,  RIC – 029 with effect from June 21.

This is contained in a statement issued by Mr Rasaaq Salami, Head, Corporate Communications and Market Development of NAICOM in Abuja on Tuesday.

Salami said the Commission had appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, Utako, Abuja as the liquidator for Niger Insurance Plc.

According to him, the Commission has also appointed Kehinde Aina, Esq, of Aina Blankson LP, 5/7, Ademola Street, Ikoyi, Lagos as the liquidator for Standard Alliance Insurance Plc.

He advised all stakeholders to forward their enquiries to the respective receiver/liquidator for each company for their necessary action.

Salami assured all stakeholders of the Commission’s readiness to ensure their safety and the protection of their investments.

NAICOM

NAICOM begins human development in varsities

The National Insurance Commission (NAICOM), has commenced capacity building in universities across the six geo-political zones of the country to improve insurance education and facilitate penetration in schools.

Mr Sunday Thomas, the Commissioner for Insurance, said this in Abuja on Thursday at the signing of a Memorandum of Understanding (MoU) with the University of Uyo.

The commissioner said that the move was to educate more people on insurance and its policies.

Thomas said that the Commission had visited some universities and polytechnics in the North-East, North-West, North-Central, South East, South-West and South-South to assist the schools insurance department financially.

He said the Commission was currently assisting and building capacities of people in the insurance departments of six universities across the zones.

According to him, the assistance is applied to support tertiary institutions in the areas of construction of administrative and vocational offices and sponsorship of insurance department accreditation.

Others are the establishment of Information and Communication Technology (ICT) Centre, scholarship for Masters and Doctorate degrees, provision of text books and journals on insurance and sponsorship of professorial endowment.

Thomas said that institutions offering insurance and actuarial science at degree or National Diploma levels, owned by federal and state governments and had existing infrastructure, staff and department with insurance education were considered.

“The value is the linkage that is created in human capital development which cannot be quantified.

“This is a knowledge based sector, we realised that as the days go by, vulnerability increases and in which case, we need to develop products that will meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package products and of course the starting point is to get the knowledge,’’ he said.

Earlier, Prof. Nyaudoh Ndaeyo, the Vice-Chancellor of the University of Uyo, commended NAICOM for the kind gesture, saying it would boost insurance programme in the university.

Ndaeyo said the construction of classroom blocks and offices in the university would aid easy learning process.

“They have also trained our staff and the coming of the building will provide offices for staff and classrooms for us.

“We will ensure that we maintain the quality,’’ he said.

NAICOM had financially assisted no fewer than 10 universities between 2013 and 2020 to promote insurance education.

NAICOM

NAICOM urges for more compliance of AMLCFCT  

The National Insurance Commission (NAICOM)has charged insurers to focus more on compliance of the Anti – 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 meeting held on Thursday evening  .  

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.  

” There is a need for more training and train -the – trainer , to ensure that there is full knowledge and compliance to AMLCFCT regulation .  

” This is to ensure that from an industry perspective,  we can contribute more positively to Nigeria getting a good result eventually on the regulation .  

” 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 , ” she said.  

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 – to date in terms of customer due diligence .  

On the upward review of the third – 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 .  

She said : ” The commission had directed that the process for the new price should  be completed by the end of April .  

” The committee between NIA and NAICOM will interface to ensure that it happens .  

According to her,  the commission during the meeting also charged insurers on improved documentation for effective implementation  of the Risk Based Supervision (RBS) .  

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.  

On the NAICOM portal , she said the commission encouraged more usage of its portal and correct upload of data by the insurance companies.  

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 .  

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 .  

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.  

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 .  

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NAICOM charges Insurance regulators on sustainable economic growth  

The Chief Executive Officer, National Insurance Commission (NAICOM), Mr Sunday Thomas, on Thursday charged insurance regulators across Africa to play their vital role in ensuring sustainable economic development.  

Thomas gave the advice at the Declaration on Insurance Conference for African Insurance Industry, organised by the Financial Sector Deepening Africa (FSD Africa),  UK Aid in collaboration with NAICOM.  

The commissioner said  that regulators could guarantee that their insurance jurisdictions offered the essential range and variety of products and services to support the Sustainable Development Goals (SDG’s).  

He said that they could do this through regulatory and policy initiatives,  

Supervisors, according to him, can also act as conveners of key stakeholders to build partnerships that would coordinate insurance solutions, especially when faced with multifaceted risks such as climate change and pandemic.  

Thomas, also the Commissioner for Insurance, said that on the regulatory side, the current environment was increasingly becoming complex.  

He said that this heightened the need to ensure effective supervision as well as resolve broader policy challenges such as inclusive economic development, sustainability, climate risk and digitalisation.  

The NAICOM  boss affirmed that the insurance sector held the potential for enhancing sustainable development with the 2030 Agenda.  

“It would appear that the role of insurance has been somewhat relegated within the context of the SDGs.  

“This is because the current indicators largely do not capture specific insurance related metrics.  

 “To  better assess the role of insurance and motivate the industry to contribute more to the SDGs, more consistent and disaggregated data collection is recommended,” he said.  

According to him, the insurance industry performs a very critical role in promoting economic, social and environmental sustainability and can help countries achieve the UN SDGs.  

The commissioner also said that the insurance industry helped to protect society through risk prevention, risk reduction and risk sharing.  

He stated that the industry played an important role in nine of the SDGs namely, No Poverty, Reduced Inequalities, Zero Hunger, Good Health and Well-Being.  

Others are, Gender Equality , Decent Work and Economic Growth , Industry Innovation and Infrastructure , Climate Change, and Partnerships for Goals.  

 “The insurance industry also plays an indirect and supporting role in five of the SDGs, namely ; Quality Education, Industry, Innovation and Infrastructure, Reduced Inequalities, and Partnerships for Goals and Sustainable Cities and Communities.”  

According to him, ESG issues constitute a shared risk to insurers, businesses, governments and society , as some of the issues such as, climate change, pollution and eco-system degradation, have various ramifications.  

The commissioner stated that some of these issues were now considered as likely to be financially material to the success of organisations, hence the compelling need for innovation and collaboration.  

“The four principles for Sustainable Insurance formalise the commitment of the signatories to ensuring decision-making along ESG criteria, raising awareness with clients and partners on ESG criteria, collaboration with governments and regulators to promote action on ESG criteria and accountability and transparency of progress in ESG implementation.  

 “The corresponding list of possible actions provide a common anchor and framework for the insurance industry to manage ESG issues.  

“This is expected to enhance the industry’s contribution to building resilient, inclusive and sustainable communities and economies,” the commissioner said.  

Thomas appreciated FSD Africa, UK Aid and the United Nations Environmental Programme for the support extended to the industry.  

He said the conference was intended to explore ways that insurance could help African countries to achieve the United Nations SDGs.  

Thomas stated that such ways include economic growth, social inclusion and environmental protection as well as  ensure sustainable development in the African insurance sector.  

Discussants on a panel,  led by Elias Omondi, Senior Manager, Risk Regulations, FSD Africa, agreed that the challenge of climate change was enormous for one organisation to deal with , hence the need for a coalition of like minds.  

They also said that insurers must change business models and build solutions through pocket products that are effective, accessible and affordable through micro insurance, to build a resilient city and community.  

The discussants urged stakeholders in the African insurance market at the conference to ensure that the modalities agreed to facilitate the attainment of a sustainable future are domesticated in their Insurance Act.  

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Brokers commend NAICOM for regulation of insurance industry  

The Nigerian Council of  Registered Insurance  Brokers (NCRIB) has lauded the National Insurance Commission (NAICOM) for proper regulation of the industry in line with global practice .  

NCRIB’s President , Mr Rotimi Edu commended the commission on the sideline of a news briefing and unveiling of the Mascot and Logo for the 60th anniversary of the council .  

Edu said that insurance industry is now well regulated and none of the operators dares take a premium and not live up -to the expectations of paying claims .  

” All you need do, is to either get across to NAICOM , the Nigeria Insurers Association (NIA) or the NCRIB to tender a compliant and within 48 hours , NAICOM will wade in to resolve the issue , ” he said.  

According to him, NCRIB had also put in place self regulations to discipline erring members or those who intend to thwart laid down rules and regulations of the council.  

In a bid to deepen insurance penetration , the Broker said that NCRIB has written to various professional bodies to start educating them on the need to make insurance a priority .  

Edu noted that the industry players , especially the brokers need to do more of publicity about their services and the importance of insurance , to increase penetration .  

” It is unfortunate that some staff of local Government have become third party motor insurance vendor , but sadly , what they sell out of ignorance , are probably certificates of defunct insurance companies .  

” Unfortunately , the police also do not recognise such fake documents when they come across it because they are not well informed also  , ” he said.  

According to him, the council had began engagement  the Institute of Architecture to address issue of compulsory insurance on buildings and also written to the Nigeria Medical Association (NMA) , Nigeria Bar Association  , ICAN , Police and other various military channels , among others .  

Earlier , Edu said that NCRIB which started as Nigerian Corporation of Insurance Brokers (NCIB) was established in 1962 as an indispensable adjunct of the insurance marketing chain.  

He noted that in spite of the teething challenges at inception , the council has risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 Members spread across the country.  

 ” As at today, the number of registered insurance brokers under the aegis of the council has continued to grow to the glory of God and benefit to mankind .  

”  The council would be celebrating this landmark age in a grand style,  

commencing from today, with the uveiling of 60th Anniversary Mascot and Logo named :  (OKIN – Optimising Insurance Knowledge in Nigeria) .  

” We expect the Doyen of Insurance, Olola Olabode Ogunlana, OFR,  the Commissioner for Insurance, Mr. O.S Thomas, President, African Insurance Organisation, Mr. Tope Smart, President of the CIIN, Chairman of the NIA, President of ILAN, elders of the industry, uyr revered past Presidents  and many other dignitaries.  

” The celebration of the anniversary is a way of appreciating the Almighty for the success story and our past presidents and members that have contributed immensely to the building and development of this great institution , ” he said.  

According to Edu , the council will be using the opportunity of the anniversary to play up the brand of the council as a leading professional body in Nigeria , foster relationship between the council and its strategic stakeholders .  

The NCRIB president listed some of the activities lined up for the epochal event, to include ; institution of awards in schools , Insurance walk ,Insurance Open Day for selected Secondary Schools , Sport competition and Corporate Social Responsibility .  

Edu said while the anniversary would flag off in Lagos with the insurance walk , other activities would hold in Abuja .  

The broker announced that the council would soon Council would soon release its Professional Seal of Practice expected to be used by all registered insurance brokers as applicable in similar professions such as Law, Auditing, Architecture,  to weed out quacks .  

He also appreciated the the media for a responsible reportage over the years which has led to improving the reputation for the entire insurance industry.  

NAICOM

NAICOM becomes risk based supervision regulator in Africa

The National Insurance Commission (NAICOM) says it has commenced the implementation of Risk Based Supervision (RBS) toward becoming the leading regulator of RBS in Sub-Sahara Africa.

Its Director, Inspectorate, Mr Agboola Pius, said on the sidelines of NAICOM 2022 Retreat for Financial Journalists on Monday in Uyo, Akwa Ibom.

The retreat had the theme: “Improving Insurance Access through Market Development and Innovation in 2022 and Beyond ”.

RBS was introduced by NAICOM 10 years ago as against Ruled Based Supervision to carry out supervisory or regulatory activities with a risk focus.

It is for the purpose of efficient risk management of resources by insurance companies and achieving maximum output.

Pius said that the commission had conducted trainings for its staff, using competent and experience experts in order to have smooth implementation of RBS.

He also said that NAICOM had developed a framework and produced an inspection manual on RBS.

“NAICOM, in collaboration with Toronto Centre, also organised a virtual programme for Sub-Sahara Africa between Feb. 28 and March 4.

“The commission, in its effort for a robust RBS regime, recently issued the 2022 code of good corporate governance and guidelines.

“A pilot run of RBS examination has also been done using five insurance companies, amongst others,” he said.

Earlier in his presentation, Pius listed credit risk, market risk, liquidity risk, insurance risk and operational risk as key elements in the NAICOM framework .

Others include legal, regulatory, compliance, reputational and strategic risks.

The director said that one of the tools in achieving the aim of modern insurance of identifying problem early was to act properly and apply effective RBS.

He charged insurance firms to place much identification on their inherent risk and the effectiveness of the control function.

Pius also told underwriters to build strong capital and good earnings with effective risk management control.

NAICOM

10 steps to improve insurance sector — NAICOM

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The National Insurance Commission (NAICOM) on Wednesday highlighted 10 steps that needed to be implemented to move the insurance sector forward.

The Commissioner For Insurance, Mr Sunday Thomas, listed them while delivering a paper at the 2022 Business Outlook organised by the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.

The title of his paper is “Strategies Aimed at Cushioning the Effects of the Covid-19 on the Operations of the Nigerian Insurance Industry and the way Forward.”

Thomas mentioned the first of the steps as risk-based capital approach, which  the commission and the Nigerian Insurers Association (NIA) are set to jointly accomplish.

Others are, standardisation of reports, enhanced investment in digital capabilities and automation, entrenched effective asset liability management,  capacity development programmes- actuarial, competency framework and having in place reinforced recovery and resolution plan.

He also listed the use of modelling for risk assessment and stress testing, context specific products such as loss of job insurance products, and cyber insurance policy by trustees of customers data .

According to him, the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) has also become more compelling for regional integration .

Thomas noted that the COVID -19 pandemic had opened a lot of doors that ordinarily, the industry would not think was possible .

The Commissioner said that the insurance industry had become more visible since the pandemic, earning the commendation of President Muhammadu Buhari for supporting the efforts to contain the COVID-19.

He, however, said it needed to do more in its role in reducing vulnerabilities in all risks.

The dependence on the digital capacity, according to him, has nurtured quickly the need to reinforce cyber protection to tame increased exposure of companies remotely working to cyber risks.

He said that there was also the need for issuance of ICT standards for the industry.

Thomas said the Commission had a stake in the stability of the industry and had not lost focus of this, leading to some policies and programmes wearing relaxed tags.

“This is seen in the extension of the recapitalisation exercise, transition to risk-based supervisory regime, postponement of IFRS 17 commencement date, and regulatory forbearance.”

He noted that the Commission was not oblivious of its responsibility to strengthen regulatory oversight and risk management, and also implement effective policyholder protection schemes.

This, according to him, involves improved enforcement of market conduct rules, with the need to monitor degree of customer satisfaction and enhance insurance education.

He said that the regulatory body had scaled up its project e-Regulation and moved up more steps market development with the current collaborative model international and local stakeholders.

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