All Posts in "Day: January 16, 2024"

Naicom, Police set to enforce compulsory insurance nationwide

By Favour Nnabugwu 
National Insurance Commission, Naicom and the Nigerian Police are set to enforce compulsory insurance in the country.
This was made manifest by visit of the Commissioner for Insurance/ Chief Executive Officer of the Naicom, Mr. Olorundare Sunday Thomas who paid a courtesy visit on the Inspector General of Police, Kayode Egbetokun to explore ways of strengthening collaboration in the areas of enforcement of compulsory insurances.
The compulsory insurances are Motor third-party insurance; Builders liability insurance (Building under construction); Workmen’s compensation insurance; Occupier’s liability insurance (Public buildings); Healthcare professional indemnity insurance and Statutory group life insurance.
In his remark the IGP appreciated the support of the NAICOM with regards the insurances of the Nigerian Police Force and promised to work closely with the Commission
Patoma Admin by — January 16, 2024 in Insurance 0
PenCom emerges top best on Ethics & Integrity Compliance

By Favour Nnabugwu 

The National Pension Commission (PenCom) has emerged the top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS) by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

In the evaluation, PenCom best over 50 government organisations to clinche that top position while PenCom also emerged the overall 14th position out of 404 Ministries, Departments, and Agencies (MDAs) on the comprehensive scorecard.
Notably, PenCom achieved a commendable score, which was described by the ICPC as “substantial compliance.”In recognition of this achievement, the ICPC conveyed its commendation to PenCom, acknowledging the organisation’s commitment to upholding ethics and integrity in its operations.
The ICPC particularly commended PenCom for its well-established structures and processes that promote efficiency, while encouraging management to maintain high service delivery.
The annual deployment of the Ethics and Integrity Compliance Scorecard by the ICPC aims to assess MDAs’ compliance with existing ethical, integrity, statutory, policy, and regulatory standards and practices. This initiative aligns with the Commission’s preventive mandate.
The scorecard aims to minimise corruption risks, prevent system abuse, and revitalise ethics and integrity benchmarks in MDAs. The overarching objective is to ensure good service delivery while promoting a culture of ethical conduct within public service institutions.
PenCom remains committed to sustaining the well-acknowledged transparency in regulating the Nigerian pension industry for the benefit of pension contributors and retirees. This continues to manifest through a consistent increase in pension assets and other key performance indicators.
Patoma Admin by — January 16, 2024 in Pension 0
Former Africa Re MD, Bakary Kamara passes on @ 75

By Favour Nnabugwu

 

Former Managing Director of African Reinsurance Corporation, Mr. Bakary Kamara, a prominent figure in the African insurance industry, has passed away on 12 January 2024 at the age of 75.

After studying in Mauritania, France and Senegal, B. Kamara embarked on his professional career in 1978 with Société Mauritanienne d’Assurance et de Réassurance (SMAR).

After six years with SMAR, B. Kamara joined Africa Re in 1984 as Secretary General, before being promoted to Chief Executive Officer of the pan-African reinsurance group in 1993. He retired in June 2011.

Throughout his career, B. Kamara has also been an independent director of several banks, insurance and reinsurance companies, and a member of various boards of directors and professional bodies.

He remained Vice-Chairman of Africa Re until his passing.

Patoma Admin by — January 16, 2024 in Insurance 0