NAICOM Sensitises MDAs To Curb Wastages From Uninsured Govt Assets.
The National Insurance Commission (NAICOM) has begun a sensitisation of insurance officers in various ministries, departments and agencies (MDAs) of the need to protect government assets to prevent irredeemable loss in the event of eventualities.
The insurance statute, currently at the Senate is undergoing a rework that will compel compulsory insurance of public and private buildings and the sensitisation of insurance officers at the MDAs could be a way of preparing them for the new dispensation that will see the industry’s earnings multiply when the anticipated law eventually come into being.
At a workshop held in Abuja, the commissioner for insurance, Sunday Thomas said,” the Sensitization Workshop is aimed at equipping insurance desk officers with the necessary tools to ensure that all MDAs have adequate insurance coverage for all government assets and liabilities to curb wastage occasioned by losses of uninsured assets. ”
Several government assets have been without adequate insurance and the commission is now putting in place measures to guide MDAs on procuring adequate insurances for assets under their watch in line with the provision of Section 7 (d) of the NAICOM Act 1997 stipulates that the Commission shall ensure adequate protection of strategic government assets and other properties.
Also, Section 7 (f) of the Act provides that the Commission shall act as Adviser to the Federal Government on all insurance-related matters.
The workshop is under the Market Development and Restructuring Initiative (MDRI) projects that was launched by NAICOM in 2009 which aimed at creation of awareness on compulsory insurance products, education of the public on the long-term benefits of insurance to policyholders and the economy at large, among others.
Thomas noted that while NAICOM bore the responsibility of disseminating key messaging on the benefits of compulsory insurance, “We relied on Government Ministries, Departments and Agencies to help domesticate the Initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurances in their various MDAs to ensure that the government gets value for money in the purchase of insurance by MDAs.
“It is very worrisome to the Commission that most assets and liabilities of government are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that government gets value for money in the purchase of insurance by MDAs. It is the desire of NAICOM to change this narrative for good.”
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