By Ngozi Onyeakusi —The National Insurance Commission (NAICOM) has charged the Nigeria Insures Association NIA to deploy the principle
of self regulation to tackle non claims payment and other similar issues that are capable of demarketing the industry.

The Commissioner for Insurance Sunday Thomas, said this in his keynote address at the investiture of Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers Association (NIA) today in Lagos.
According to him, “I want to also challenge the new leadership on the vexed issues of settlement of claims. I urge the new leadership to deploy the principle
of self regulation to take a critical look into this and other similar issues that are capable of demarketing the industry.
You will all agree with me that though the sector is beginning to experience improvement in terms of patronage and claims payout, the perception of the industry by majority of the public is still not what it should be. This is unacceptable and it is high time we changed the narrative collectively as an industry. We must all see this business as an interest that we must all protect and I again challenge the new the new leadership of the NIA to take on this task
I want to equally advise the new leadership to at all times ensure proper communication in engaging the Commission through whatever bilateral windows available.
On my appointment as Commissioner for Insurance, I did mention that the focus of the administration is development of the insurance market and I want to believe that this cardinal objective has not changed. The commission has vigorously been driving the issue of market development and enforcement of compulsory insurances these past two years, achieving some gains in the process.
Greater efforts have been made to partner state governments on enforcement of compulsory insurances and insurances of their assets.
The Commission had embarked on this drive to till the ground while expecting the operators to take over and engage the markets but the response from the industry is less than satisfactory.
Ladies and gentlemen, let me assure you that the Commission will continue to support the insurance industry and specifically the operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition. To actualize our core mandate as an industry, we must facilitate improved perception of the insurance industry, as public confidence in our industry depends among other things on how promptly and fairly we deliver on our promises and obligations to our customers and stakeholders

The Commission will not relent in protecting all stakeholders in the industry, however, we must all understand and appreciate that the mandate of the Commission cuts across stakeholders with varying expectations thus, the need to implement far reaching initiatives to develop the market and expand the frontiers of the industry while guaranteeing the protection of each stakeholder to the best of our ability.
The NAICOM Portal was officially commissioned by the Honourable
Minister of Finance, Budget and National Planning Mrs. Dr. Zainab Shamsuna Ahmed few months ago and it is up and running. A number of circulars and directives have been issued by the Commission on compliance with the requirements and update of information needed from operators. I challenge the new leadership to cooperate with the Commission in ensuring compliance and development of IT infrastructure for the operators.
Finally, ladies and gentlemen the times are tough and only the resilient, strategic and focus operators will get going .
In conclusion, I want to sincerely express my profound appreciation to both the outgoing and incoming leaderships of the Association, the entire industry for your support and cooperation extended to the Commission thus far. I strongly believe we will continue to work
together for the improvement of business standards needed to reposition the industry as a leading market in the global economy.
I wish the new Chairman a successful tenure.