REMARK BY THE HEAD, CORPORATE COMMUNICATIONS AND MARKET DEVELOPMENT, NATIONAL INSURANCE COMMISSION, ALHAJI ABDULRASAAQ ABDULSALAMI DURING THE SENSITISATION PROGRAM FOR TOP GOVERNMENT FUNCTIONARIES, KHADIS AND ULAMAS IN KATSINA STATE.
I am pleased to be here again in Katsina State and I bring special greetings from the Governing Board, Management and staff of the National Insurance Commission (NAICOM) which is the apex insurance regulatory body in Nigeria.
I am happy for this golden opportunity granted the Commission by His Excellency, Rt. Hon. Aminu Bello Masari to drive insurance/Takaful penetration in the state as we appreciate the Governor and people of Katsina State for this huge turnout to participate in the workshop. I want to assure you that we have assembled the most suitable experts to speak to you on the subject matter.
As we may all be aware, the Insurance Act 2003 and other relevant Laws of the Federal Republic of Nigeria made provisions for certain insurances to be compulsory on us towards the protection of innocent third parties who may fall victims of unforeseen occurrences like road accidents, building collapse, fire, accidents in public buildings – offices, shops, schools, malls, etc.
The main objective of this workshop is to sensitize the top Government functionaries of Katsina State, Khadis and Ulamas on the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.
It is imperative to mention that we are in Katsina today to discuss the concept of Islamic insurance and forge this partnership with the government and people of Katsina State in order to pave way for the enforcement and implementation of the under listed insurances made compulsory by extant laws to guarantee the protection of the people of Katsina State.
i. Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;
ii. All Buildings under construction that are more than two (2) floors;
iii. All Public Buildings including Schools, Offices, Hotels, Hospitals, shopping malls etc.;
iv. Professional indemnity for all medical practitioners and hospitals; and
v. Group life insurance cover by employers for employees where there are more than 3 persons.
vi. Annuity for retirees as provided under the Pension Reform Act 2014
On behalf of the management of NAICOM, I thank His Excellency for his swift response to our request to organise this sensitisation workshop for stakeholders in the state as a window provided for better understanding of Islamic way of Insurance and discussing a way forward for Takaful to thrive in the state.
Beyond this workshop we will also seek to partner on enforcement of compulsory insurances in the state, and we expect the state executive council to assist on the following:
1. Incept the process of enacting state laws to domesticate the compulsory insurances earlier highlighted in conjunction with the state legislature,
2. Ensure adequate insurance of assets and liabilities of Katsina State government
3. Liaise with Takaful/insurance operators to determine product best suited for the government, farmers, private companies, MSMEs and individuals in the state
4. Conduct on the spot awareness and sensitisation campaigns across the state, etc