All Posts in "Day: August 4, 2022"

International Energy Insurance acquired 100% by Norrenberger Advisory

By Favour Nnabugwu

 

 International Energy Insurance Plc (IEI) has been taken over by Norrenberger Advisory Partners Limited (NAPL) after it acquired 100 percent stake in IEI following the approval of the National Insurance Commission (NAICOM) .

The acquisition will enable Norrenberger to expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria.

The Commissioner for Insurance, Mr Sunday Thomas welcomed the new owners and expressed his satisfaction with their interest in the Nigeria insurance industry despite the challenges faced by practitioners in the industry.

The CFI advised the incoming board of the company on the need for training of staff and directors. He also emphasized that the director should be patient to understand the culture, nature as well as principles and practice of insurance because of the peculiarity of the insurance business. He assured the board of the commission’s unparalleled support and cooperation.

The outgoing chairman of the interim board, Ahmed, OON, while handing over to the provisional board of directors emphasized the need for transparency and encouraged the spirit of oneness amongst all stakeholders of the company including its management and staff. He also emphasized the importance of culturalization for the sensitivity of the insurance business.

The chairman of the provisional board, Buka Goni Aji, OON, CFR stated the board’s mission to significantly contribute to the transformation and growth of the insurance industry by leveraging technology and top-notch human capital. He further reassure the regulator of Norrenberger’s cooperation and commitment to strict compliance with laid down regulations while focusing on the growth of the company.

The provisional Board Chairman expressed his gratitude to the outgoing interim board for laying a solid foundation to enable the provisional board to thrive and make its contributions to the development of the insurance industry in Nigeria

Patoma Admin by — August 4, 2022 in Insurance 0
NAICOM plans to strengthen industry, to enforce compulsory insurance across nation

By Favour Nnabugwu

 

 

The National Insurance Commission (NAICOM) has mapped out plans to strengthen the insurance industry and enforce compulsory insurance across the country.

The Board of Directors of NAICOM led by its Chairman, Dr Abubakar Sani, was at the Office of the Secretary to the Government of the Federation (OSGF), in Abuja, today to secure the support of the SGF, Mr. Boss Mustapha.

The purpose of the visit to OSGF,by NAICOM, Dr Sani stated was to discuss plans towards strengthening the industry.

Dr. Maurice Mbaeri who represented the SGF said that compulsory insurance was critical for the growth of the nation’s economy.

He urged the commission to take a firm stance on payment of claims by insurance companies, as a means of developing the needed confidence among members of the public.

“Enforcement of compulsory insurance for the public and private sectors is good. It’s an area covered by your mandate. Government will help in this regard. The unseriousness of citizens towards insurance often springs from awful personal experiences.

“People lost interest in taking up policies because of lack of being indemnified. In some instances, insurance companies hide under funny circumstances to deny the insured their dues. Please look into this area to ensure people embrace insurance policies.

“The onus is on you, send a draft copy of that letter on compulsory insurance and let the SGF know how to issue service wide circular for MDAs’ compliance. Send us the circular capturing all what you want and once it meets the expectation of the government, we will issue it. We will do all that is necessary to ensure the board and management meet their mandates.”

The Perm Sec. charged the board and management to keep to their roles  to avoid conflicts, which he said was common across Departments and Agencies.

In his remarks, the Commissioner For Insurance, Mr Sunday Thomas explained that the operational licences of  two insurance companies were revoked due to poor claims payment.

He promised not to compromise the sanctity of claims payment and that any insurance company that failed in that regard would be sanctioned.

Patoma Admin by — August 4, 2022 in Insurance 0