10 firms’ve significant foreign investments, says NAICOM chair
Ten insurance firms have significant foreign ownership as against three that had foreign interest about five years ago, the Chairman, National Insurance Commission (NAICOM), Chibudom Nwuche, has said.
Nwuche, who made this known in Lagos at an interactive session with reporters, said more foreign investors were making enquiries on requirements for participation, adding that this was part of the outcome of the on-going transformation agenda of the Federal Government.
He said the sector has a huge potential waiting to be tapped.
He explained that the developmental agenda which encapsulates a wide range, but attainable developmental roadmap relating to the financial services sector, is intended to enhance the financial literacy in Nigeria and reposition the sector to play a pivotal role in the economy.
He said NAICOM has historically implemented some regulatory and developmental initiatives that have significantly improved the conditions of the sector and enhanced its attractiveness to investors, stating that a good evidence of this is the increased number of foreign investors that have taken equity interests in firms.
He noted that the strategic goals of the governing board under his leadership is deepening insurance penetration by sensitising the public.
“In addition to the on-going efforts to facilitate compliance with the laws on compulsory insurance, we are committed to ensuring the successful implementation of the Financial Inclusion initiatives, such as Microinsurance and Takaful insurance, saying that once completed, it would bring about increase in job creation, accessibility of Nigerians to the benefits of insurance and contribution of insurance to the national economy.
Nwuche said the Board will support NAICOM in ensuring the maintenance of adequate level of capitalisation, implementation of the Risk- Based management Framework for the sector; continued compliance with International Financial Reporting Standard (IFRS) to sustain the integrity of insurers financial reports; compliance with all relevant laws and regulations, as well as the implementation of the ‘No Premium No cover Policy.’
He said the Board would enhance NAICOM’s regulatory capacity and oversight through manpower development and effective performance management system, as well as ensure appropriate deployment of information and communication technology infrastructure for the effective discharge of the Commission’s oversight functions.
He added that they would also work towards the passing of the Insurance Bill, conduct regular interaction and stakeholder panels to exchange views and optimise revenue collection and effective management resource.