The Commissioner for Insurance, Mohammed Kari, has said that the commission will continue to consolidate and initiate new policies that will bring development and growth to the industry.
In his keynote address at the media retreat in Abeokuta, Ogun State at the weekend, he said, the initiative that had started which for one reason or the other was delayed or had not been properly implemented will come up alive. According to him, the Market Development and Restructuring Initiatives (MDRI) is being revamped to meet the set targets, adding that the commission under his leadership has taken some steps to ensure government and its agencies embrace insurance as enshrined in the law.
He said “The MDRI is an initiative we would continue with because it was designed to help the penetration of insurance to all nooks and crannies in the country. We have set up an internal unit that is specifically assigned to handle public sector insurances and advices.
“Towards that we have issued a circular to all Ministers, Ministries; the Head of Service, Secretary to the government, permanent secretaries, highlighting to them the role of the commission in ensuring that the insuring public are insured properly. He said the unit will assist the MDAs in structuring their insurances properly, stressing that the commission has given agencies a template on necessary information such as how to access government assets that need insurance.
On the risk-based supervision, he said, the last meeting with the insurers’ committee, we emphasised on the responsibilities and expectations from insurance companies. What the needed to ensure that risk based policy succeeds and what we as regulators would be able to do, we have gone ahead to implement risk based supervision and it will take effect from April this, because the expectation of the regulator is to make sure that it succeeds. Besides, it will strengthen corporate governance in the companies because the responsibility of selecting the kind of insurances you get into and how you capitalized the company are all the responsibility of the board of Directors and that is what the corporate governance is all talking about.