Naicom, FMT collaborate to propagate insurance

Caption:

L- Deputy Commissioner (Technical) NAICOM Sabiu Bello Abubakar, Minister of State, Transportation Sen. Gbemisola Ruqayyah Saraki and Commissioner for Insurance, Olorundare Sunday Thomas.

 

 

By Favour Nnabugwu

 

The Commissioner for Insurance(CFI), Mr. Sunday Thomas, said that the National Insurance Commission, Naicom s collaborating with the Federal Ministry of Transportation to ensure the provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.

Thomas further said the commission is currently working to ensure orderliness in the insurance sector particularly, in the vexed issue of fake insurances in the road transportation sector.

The CFI, pointed out that the commission has now developed technology for verification of insurance policies to further sanitise the sector.

He spoke while receiving the Minister of State for Transportation, Senator Gbemisola Saraki, who a led delegation to the commission.

Saraki had informed the meeting that the ministry had embarked upon a transformation programme of the road transportation sector that will have tremendous impact on the lives and wellbeing of the Nigerian people.

The lawmaker had noted that insurance remained a critical aspect of transportation, hence the need to collaborate with NAICOM to ensure success of the programme.

In a statement, Head, Corporate Communications and Market Development Department, NAICOM, Mr. Rasaaq Salami, said both parties had also agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.

Thomas, further assured the minister of the readiness of the commission to collaborate with the ministry to ensure adequate insurance coverage in the sector.

Sirika assures Nigerians of national carrier come 2022

By Favour Nnabugwu

Minister of Aviation, Hadi Sirika, has onc.e again assured Nigerians of the establishment of a national carrier as operations may commence in the first quarter of 2022

This is just as he said that the COVID-19 exposed certain economic vulnerabilities in the nation due to its lack of having very strong, viable airline.

Sirika who responded to questions from State House correspondents after a virtual Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja said the new national airline was overdue while the 2021 will be used to do the needful.

According to him, the Ministry would return to the council in two weeks to submit a memo with an outline business case for the council’s approval

He said, “It is still on top gear; we are coming back to council; hopefully in the next two weeks to present the memo on the national carrier. We went to council to approve the outline business case for the carrier; then, the council raised some questions and asked us to go and look at the memo again and bring it back.

“So, once it comes back and the outline business case is approved by council, we will go to the full business case which is now going to the market and establishing the national carrier.

“It is our intention to have the national carrier running in 2021, which is this year; unfortunately, due to COVID-19, which took the greater part of last year, since March last year, activities have almost been impossible.’’

He said that though the pandemic negatively affected civil aviation, in terms of establishment of the national carrier, it made it a much better time to establish the carrier than before.

Sirika also expressed confidence that the airline would have speedy access to equipment for operations and at a cheap rate and stressed that the national airline is needed because Nigeria not only has the population but is at equi-distant from all locations

According to Sirika, Nigeria has a massive market and population to sustain an airline.

He said that updates would be provided on the progress of the project after the next presentation to FEC.

“The COVID-19 has exposed the nation; lack of having very strong, viable airline is bad for the economy of Nigeria and for any country for that matter; tourism for example is badly affected by lack of airline.

“Finally, to just say that Nigeria is the best candidate to have an airline; 200 million people that travel sometimes almost for nothing, sitting within the West African Region, 400million people; contiguous to Central Africa, 600million.

“Twice the population of the US; equal to the population of entire continental Europe; at the centre of Africa, Nigeria, equal distance from all locations; rising middle class, propensity to fly is high; Nigeria is the best candidate for a very robust carrier.

“ In this 2021, we will try to do all the needful and probably intend to start operations somewhere in the first quarter of 2022,’’ he said.

Naicom donates 50-seater e-library to ATBU

By Favour Nnabugwu

 

The National Insurance Commission (NAICOM) has donated a 50 seater e-library  at the faculty of Management Sciences, Abubakar Tafawa Balewa University (ATBU) Bauchi to promote learning and research by both students and lecturers

Speaking at the official commissioning and handing over of the e-library to the Management of ATBU at the Gubi permanent site, the Commissioner for Indurance, Mr Olorundare Thomas said the support to the University was to achieve its mandate as well as part of its social responsibilities to the immediate community.

Represented by the Director of Administration and Human Resources, Mr Habila Amos, the National Commissioner said that, “to promote insurance education and human capital development among others, this is being carried out through Financial assistance to tertiary institutions.”
Olorundare Thomas, however, commended the ATBU for doing honour by naming the e-library after NAICOM saying that this will ginger it to do more to promote e-learning activities.

Earlier, the Vice Chancellor of ATBU, Professor Muhammadu Abdulaziz, disclosed the Nigeria Insurance Commission identified and selected ATBU alongside others for facilitating the establishment of an insurance degree Programme in order to boost the Insurance sector by making human resources available.

The VC who was represented by Deputy Dean, School of Postgraduate studies, Professor Abubakar Dutshe, said that “in doing so the Commission has so far provided funding for overseas PhD trainings of two members of staff of the faculty thereby boosting the capacity of the department to provide effective learning to the students.”

Mohammed Abdulaziz added that “the commission has also graciously funded the establishment of a student’s learning enhancement centre equipped with state of the art Information Communication technology facilities and book resources of premium quality.”

He also said that the intervention has significantly assisted the university in meeting part of the resources requirements of the National University Commission (NUC) for approval of the commencement of the programme.

Mohammed Abdulaziz explained that arrangements have reached an advanced stage with NUC for resource verification and subsequent approval for the commencement of the programme.

Mohammed Abdulaziz added that “the commission has also graciously funded the establishment of a student’s learning enhancement centre equipped with state of the art Information Communication technology facilities and book resources of premium quality.”

He also said that the intervention has significantly assisted the university in meeting part of the resources requirements of the National University Commission (NUC) for approval of the commencement of the programme.

Mohammed Abdulaziz explained that arrangements have reached an advanced stage with NUC for resource verification and subsequent approval for the commencement of the programme.

He, however, appreciated the commission for impacting much on the university and subsequent training of teeming students assuring that the e-library will be put to effective and maximum use just as it will be maintained in order to last long.

Contributory pension asset increases by N92bn in March

By admin

 

The Contributory Pension Scheme (CPS) assets lost some funds in February but recorded N92 billion increased in March.

The National Pension Commission (PenCom) disclosed this in its official website, in the unaudited report on pension funds industry portfolio for the period ended in March 31.

The commission recorded a decline of N51.30 billion in the pension fund assets in February.

According to the report, the funds which ended February at N12.248 trillion rose to N12.34 trillion at the end of March.

The report also revealed data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds including unremitted contributions at Central Bank of Nigeria and legacy funds.

Financial and pension Expert, Mrs Halima Idris, told 247naija that the increase was a progress on the last figure of February.

Idris said that the Pension Acts which allowed them to invest in the country’s economy, security and mutual funds was not stable.

She commended government’s efforts in the huge increase and urged Nigerians to be patient as the government was trying hard to save their money.

The total registration for Retirement Saving Account (RSA) at March was 9.3 million.

Nigeria Immigration Service places embargo on capturing, issuance of passports

By Favour Nnabugwu

 

The Nigeria Immigration Service has placed an embargo on capturing and issuance of passports to applicants from today May 18th till the end of May 2021.

The Comptroller General of Immigration, Muhammed Babandede made the announcement on Tuesday during a press briefing in Abuja.

He said the decision is to enable the service to clear its backlog, noting that it will no longer collect fresh applications until the backlogs are cleared

This means that all passports in control offices are closed for applicants from today till May 31st and payments for passports will be online when the portal is opened which will be June.

Long working hours kill 745,000 persons globally – WHO, ILO

By admin

 

World Health Organisation (WHO) and International Labour Organisation (ILO) have said long working hours led to 745, 000 deaths globally from stroke and ischemic heart disease.

WHO and ILO stated this in a study published in Environment International Today.

In a first global analysis of the loss of life and health associated with working long hours, WHO and ILO estimated that, in 2016, 398, 000 people died from stroke and 347, 000 from heart disease as a result of having worked at least 55 hours a week, a 29 per cent increase since 2000.

“Between 2000 and 2016, the number of deaths from heart disease due to working long hours increased by 42 per cent and from stroke by 19 per cent.

“This work-related disease burden is particularly significant in men (72 per cent of deaths occurred among males), people living in the Western Pacific and South-East Asia regions, and middle-aged or older workers.

“Most of the deaths recorded were among people dying aged 60-79 years, who had worked for 55 hours or more per week between the ages of 45 and 74 years,” said the report.

With working long hours now known to be responsible for about one-third of the total estimated work-related burden of disease, it is established as the risk factor with the largest occupational disease burden.

This shifts thinking towards a relatively new and more psychosocial occupational risk factor to human health.

The study concludes that working 55 or more hours per week is associated with an estimated 35 per cent higher risk of a stroke and a 17 per cent higher risk of dying from ischemic heart disease, compared to working 35-40 hours a week.

Further, the number of people working long hours is increasing, and currently stands at nine per cent of the total population globally.

This trend puts even more people at risk of work-related disability and early death.

The new analysis comes as the COVID-19 pandemic shines a spotlight on managing working hours; the pandemic is accelerating developments that could feed the trend towards increased working time.

Dr Tedros Ghebreyesus, WHO Director-General, said the COVID-19 pandemic had significantly changed the way many people work.

“Teleworking has become the norm in many industries, often blurring the boundaries between home and work.

“In addition, many businesses have been forced to scale back or shut down operations to save money, and people who are still on the payroll end up working longer hours.

“No job is worth the risk of stroke or heart disease. Governments, employers and workers need to work together to agree on limits to protect the health of workers,” he said.

Dr Maria Neira, Director, Department of Environment, Climate Change and Health, at WHO, said, “working 55 hours or more per week is a serious health hazard.

“It’s time that we all, governments, employers, and employees wake up to the fact that long working hours can lead to premature death.”

The UN agencies, however, said governments, employers and workers could take the following actions to protect workers’ health.

They stated that governments could introduce, implement and enforce laws, regulations and policies that ban mandatory overtime and ensure maximum limits on working time.

“Government could introduce bipartite or collective bargaining agreements bet poopween employers and workers’ associations can arrange working time to be more flexible
“At the same time agreeing on a maximum number of working hours; employees could share working hours to ensure that numbers of hours worked do not climb above 55 or more per week,” the agencies said.

AIICO joins league of 44 companies globally accredited by IFoA

By Favour Nnabugwu

 

AIICO Insurance Plc has joined the league of 44 companies internationally and first in Nigeria  to be awarded a Quality Assurance Scheme accreditation by the Institute and Faculty of Actuaries (IFoA).

AIICO has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organizations were accredited in Kenya in the last two years.

The IFOA is the UK’s only chartered professional body dedicated to educating,developing and regulating actuaries based in the UK and also internationally.

IFoA in a statement released said that the recognition of AiIco’s commitment to providing quality assurance at an organizational level, promoting condence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees carrying out that work.

Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.

The Managing Director of AIICO, Mr. Babatunde Fajemirokun said, “We are staying true to the pursuit of our vision of emerging as the dominant insurer in Sub-Saharan Africa”.

“This is one reason we invest substantially in human resources to drive the kind of growth we have in focus. The accreditation by IFoA, is a testament to the fact that we are doing this right. The actuarial profession has been very instrumental in our transformation at AIICO”.

Fajemirokun further stated, “Our customers and policyholders are going to bethe biggest beneficiaries as these efforts are in line with our razor-sharp focus togive them the best of experience and protection of their benefits, assets, and insurable interests with us”.

He continued, “Our shareholders, investors, regulators, and other stakeholders will benet from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience forthe benet of all.

AIICO’s Chief Actuary, Mr. Wycli2e Obutu while commenting on the accreditation, stated, “We are delighted to receive this global accreditation from the Instituteafter a rigorous review process”.

“This is a noteworthy milestone for the Company, Management and staff, and the actuarial profession in West Africa, especially Nigeria.  Management of the company, with the support of its staff, especially Actuarial and HR, is proud to have initiated the process for this accreditation that, in partnership with IFoA, requires actuarial work in the company (and the market) to be undertaken to a high quality that is comparable globally.

Over 15,418 insurance companies, banks, other sectors get compliance certificates from PenCom

By Favour Nnabugwu

 

Over 15,418 employers comprising Insurance companies, banks and other sectors of the economy have recurved compliance certificates from the National Pension Commission (PenCom) had as at May 10, 2021

Those companies had to clear the accounts if they wished to do business with the federal government.

PenCom in publication on its website entitled: Schedule of employers issued with certificate with provisions of the PRA 2014 as at May 10, 202.1

The remittance by companies showed AIICO Insurance contributed and remitted N193.93 million for its 296 employees in 2020, while NSIA Insurance, remitted N60.97 million for 128 employees and FBInsurance, remitted N128.36 million for 171 employees.

Linkage Assurance Plc, remitted N60.14 million for 174 employees; Custodian and Allied Insurance Limited, N59.91 million for 121 employees; Custodian Life Assurance Limited, N24.73 million for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

Mutual Benefits Life Assurance Limited, remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc., N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited, was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited, remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

It also showed Sterling Bank Plc., remitted N1.22 billion for its 2417 employees; Fidelity Bank Plc., remitted N827 million for 2904 employees and Reynolds Construction Company Limited, remitting N739 million for 3764 employees.

PenCom noted that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Partners Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.

 

Naicom inuguarates SWGs for IFRS 17

By Favour Nnabugwu

 

The National Insurance Commission (NAICOM) has inaugurated the Sub Working Groups (SWGs) of the Insurance Industry Financial Reporting Working Group (IIFRWG) for onward compliance to January 2023 deadline.

Commissioner for Insurance, Mr Sunday Thomas, inaugurated the group in Lagos today.

Thomas said that the SWG was expected to provide guidance to the IIFRWG for the seamless adoption of the International Financial Reporting Standard ( IFRS) 17.

He said the IFRS 17 would take effect from January 2023 by the Nigerian insurance companies.

The CFI said that the SWG was constituted to help foster the country’s adoption of the IFRS 17 in line with best practice.

Thomas asserted that the commission had equally issued a ‘roadmap’ on the adoption of the IFRS 17 insurance contract for insurance industry in Nigeria since January 2020.

“The roadmap was issued for general adoption by all insurance, reinsurance, takaful and micro insurance companies in Nigeria,” he said.

“The activities and timelines in the roadmap are intended to set the tone and facilitate a coordinated process and action steps.

The commissioner said that the SWGs were constituted to assist the IIFRWG in the achievement of its mandate and ensure seamless transition to the IFRS 17.

He said that the IIFRWG had identified the following three critical sub working groups namely : accounting, disclosure and reporting Sub -Working Group.

This, he said, would assist on technical issues relating to accounting.

According to him, “Members of the various SWGs comprised selected members of the IIFRWG and the co-opted members selected from the relevant organisations.

He explained that membership of each of the SWG was selected based on a member area of strength in terms of knowledge and experience.

He noted that the aim of constituting the group was to ensure that the views from Nigerian stakeholders interested in insurance financial reporting issues were properly considered in discussions at the SWG.

He assured that the commission would continue to give its full support to the SWGs to achieved the set goals.

The IIFRWG which was an initiative of the commission was inaugurated in March 2020 as an advisory and consultative team of experts for the purpose of seamless adoption of the IFRS 17 in Nigeria.

The initiative was in line with the commission’s strategic goal to facilitate transparency and accountability in financial reporting.

In May 2017, the International Accounting Standard Board issued the IFRS 17 insurance contract, which would replace the present IFRS 4 on accounting for insurance contracts effective January 2023.

This information forms the basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows.

The objective was to ensure that an entity provides relevant information that faithfully represents the insurance contracts.

GFIA implores IAIS to focus on sector-wide vulnerabilities

By admin

 

The Global Federation of Insurance Associations (GFIA) has told the International Association of Insurance Supervisors (IAIS) that it should focus on sector-wide vulnerabilities not the “systemic importance” of individual insurers.

The GFIA was responding to a consultation by the IAIS on its draft application paper on macroprudential supervision. In its response, the GFIA states: “GFIA takes the view that monitoring and assessment of sector-wide vulnerabilities should be the prime focus, thus enabling supervisors to focus on vulnerabilities of distressed or failing insurers, where relevant. Currently, the application paper seems to place more emphasis on the assessment of the potential systemic importance of individual insurers, rather than the assessment of sector-wide vulnerabilities.”

The GFIA says it is concerned that the paper’s focus on the assessment and systemic relevance of individual insurers departs from the identification, monitoring and assessment of insurance sector-wide vulnerabilities and common exposures, and the risk of distressed or failing insurers or the collective actions or distress of a sufficiently large number of insurers.

Elsewhere in the response, the GFIA says it welcomes the reference made by the IAIS to, and the application of, the overarching concept of proportionality in macroprudential supervision. “The insurance sector appreciates the paper’s clear statement that the proportionality principle must be consistently applied to macroprudential supervision, and that nothing in the paper supersedes this principle.

The GFIA encourages the IAIS to continue to stress the importance of the proportionality concept where there could be ambiguity in sections of the paper about the need for proportionality in the application of macroprudential supervisory measures,” the response states.

The GFIA also states that supervisors should be able to base their assessments on their knowledge of insurers, the markets for which they are responsible and the data that they already have access to. And it stresses the importance of ensuring flexibility is embedded in the IAIS’s approach to macroprudential supervision.

The GFIA says it agrees that supervisors are required to have “an established process to assess the potential systemic importance of individual insurers and the insurance sector”. It states: “In this case, the systemic importance of the insurance sector should not be assessed alone, but rather within the entire financial system, including other sectors such as banking and securities. In particular, due consideration should be given to the fact that systemic risk of core insurance activities is limited and the scale of potential systemic risk in the insurance sector is much smaller than that of banking.”