All Posts in "Day: May 12, 2023"

NECA wants to partner with Naicom on 3rd party motor insurance, group life

By Favour Nnabugwu

 

 

 

National Insurance Commission, Naicom in Abuja yesterday, received in audience the Nigeria Employers’ Consultative Association (NECA) led by its Director General (Mr. Adewale Smatt-Oyerinde on courtesy visit to Naicom.

The NECA team was received by the Commissioner for Insurance, Mr Sunday Olorundare Thomas desired to collaborate with Naicom sensitive the employers and workers on third party motor Insurance, group life.

According to the statement released by the Commission, “the purpose of the visit was on the need for more sensitization on the enhanced 3rd party motor insurance as well as explore areas of collaboration to sensitise employers and workers on the importance of Group Life Insurance”

 

 

Patoma Admin by — May 12, 2023 in Insurance 0
Naicom rolls out three Guidelines Sandbox, ERM forTakaful, TIOs

By Favour Nnabugwu
 
The National Insurance Commission has rolled out three guidelines to ensure that insurance operators are fully guided by the rules.
The three guidelines are Insurance Regulatory Sandbox Operational Guidelines; Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
In the statement released by Mr AbdulRasaaq Salami, Head Communication and Market Development, said as part of its strategic objective to drive innovation of products and services, ensure operators are professional in the conduct of their businesses in line with best practices, recently issued the following guidelines:
Salami reiterated that the Commission expects all Operators to ensure compliance with the new guidelines to the benefit of all stakeholders.
The first is the Regulatory sandbox which refers to a consciously established relaxed regulatory environment for the testing of innovative products, services, be business models, channels of distribution subject to
regulatory discretions and set parameters that have potential of improving insurance inclusiveness and service efficiency in Nigeria.
The second, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk clearly state that all Takaful Insurance Undertaking shall establish and maintain a sound Enterprise Risk Management, ERM.
Framework to support the adequacy of its solvency and comply with all
relevant Sharīah rules and principles.
“This framework shall be comprehensive in nature, dealing with all reasonably foreseeable and relevant material risks of the funds making up”
“The Takaful Undertaking, and shall be formalized through a set of policies,
consistently applied, the TIO’s approach to determining the appetite for risk, its process for managing risks and its Governance related to risk.
The third one, Takaful and Retakaful Operators in Nigeria emphasised that the Guidelines are issued in exercise of the powers conferred on the National
Insurance Commission (the Commission) and shall apply to all Takaful Insurance Institutions in Nigeria effective 1st May 2023.
“The Guidelines shall form part of the regulatory and supervisory tools for Takaful Insurance Institutions and shall be read in conjunction withother extant
provisions, notices, circulars that the Commission had issued or may issue from time to time”.
“Takaful Insurance Operators are required to formally direct their Staff, Agents and other Business Associates or Partners to comply and ensure strict compliance with these Guidelines.
“Takaful Insurance Operators shall establish internal policies and procedures to give effect to the provisions of these Guidelines and shall form part of its internal control”
Patoma Admin by — May 12, 2023 in Insurance 0
NBTE in MBMIST for accreditation on climate change science

By Favour Nnabugwu

 

 

 

The National Board for Technical Education, NBTE, is currently on a two day official visit to Muhammadu Buhari Meteorological Institute of Science and Technology MBMIST, Katsina state to begin the process that will lead to accreditation of courses  in Climate Change Science and Meteorology in the institute

Speaking on the essence of the visit, the Team Lead, Deputy Director at NBTE Kaduna office,  Dr. Jauro Kutura.D. who represented the Director, NBTE Kaduna office  Alhaji Samaila Tanko disclosed that they are here “for accreditation of two programmes, National Diploma, Meteorology and National Diploma Climate Change Science.

While commending the Rector on the aesthetics of the landscape in the institute, DrJauro observed that MBMIST has started planning towards the new mantra of the Executive Secretary of NBTE, Professor Idris Muhammad Bugaje for skills node degree by incorporating agro allied skills into the institute.

She also noted that the intention to develop curriculum for the HND programmes in Meteorology and Climate Change Science in addition to developing a curriculum for Electrometeorological Engineering technology at ND level is also a big plus for the development of the institute. She said.

Dr. Jauro explained further that NBTE and institutions are partners in progress, stressing that  in carrying out the exercise NBTE does not carry out the exercise alone “rather it involves stakeholders from academias and industries who are professionals in the related field to come and assist  us to carry out this assignment.

So the team is here to assist the adequacy of academic matters, physical and human resources available for the programmes and in the process they would offer their contributions, suggestions and advice for the betterment of the programmes”. She said.

In concluding she solicited for the maximum cooperation from the entire management and staff of the institute to enable her team carry out their assignment successfully and promptly.

In his remarks the Rector of the institute Professor Effiom Oku while welcoming them on behalf of the Chairman of the Governing board and council members, emphasized the importance of the exercise to the institute.

” The accreditation exercise is very important to us. Just like the Team leader has said, the acceptance of our certificate especially as we are about to push out our pioneers, that is why this accreditation is very important to us”. He said and assured the team of maximum cooperation.

As patt of the visit Prof. Oku made a power point presentation on the history of the institute.

The accreditation by NBTE is a systematic review of educatiional programmes to ensure that acceptable standards of education, infrastructure and quality is being maintained.

Patoma Admin by — May 12, 2023 in Aviation 0