The National Insurance Commission (NAICOM) and insurance operators have held the 16th Insurers Committee, first in the administration of the new Commissioner for Insurance, Mr. Segun Omosehin.

They rose from the meeting with the regulator giving directions on its expectations towards a sane and developed insurance industry.

Briefing newsmen after the meeting, the Head, Communication and Stakeholders Management Sub-committee and Managing Director of Rex Insurance Limited, Ebelechukwu Nwachukwu said operators were advised to invest in the Credit Guarantee Scheme of the Federal Government, aimed at enhancing investment opportunities and encouraging insurance participation.

She said the commissioner wants the operators to take the front seat when committees commence discussion and investment so that they would be part of the decisions to be made rather than take a back seat and allow unfavourable decisions be put on them which he said may not be to the insurance sector.

She said: “He (the commissioner) spoke to us about the National Credit Guarantee entity that the President of the Federal Republic of Nigeria has just signed.

“He encourage us that when the possibility to invest in the entity comes, we should invest and not allow the banks and other entities only be the ones who invest in that credit guarantee entity because if we invest, we have the potential of sitting on the boards where a lot of the decisions concerning that credit guarantee entity will be taken.

“The commissioner spoke about the complaints. The complaint process should be simplified, addressing cumbersome procedures. He believes strongly that CEOs should get involved in some issues that come as complaints.”

He further encouraged the early submission of financial statements by insurance companies noting that if they don’t submit or unable to submit your financial statements early, it is a signal to the regulator that there are issues with your organisation.

Early submission just creates more confidence in the industry,” Nwachukwu added.

Meanwhile, NAICOM has given insurance companies December 31, 2024 deadline to clear all outstanding claims.

“The Commissioner charged insurance executives at the event to ensure no outstanding claims is captured in their 2024 financial accounts.

She also disclosed that the Insurers’ Committee restructured its operations, moving from seven sub-committees to four focused groups aimed at advancing the insurance industry’s reform strategy.

She noted the subcommittees consist of Insurance Sector Stability Sub-Committees- Mr. Ganiyu Musa as Chairman, supported by Mr. Gboyega Lesi as Deputy; Communication & Stakeholders Management Sub-Committee- Mrs. Ebelechukwu Nwachukwu as chairman; Technology & Talent Management Subcommittee- Mr Babatunde Fajemirokun as chairman; and Customer Service & Market Expansion Sub-Committee- Olabode Opadokun as Chairman.