NAICOM seeks synergy to enforce compulsory insurance in Lagos State

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United Bank for Africa

The National Insurance Commission (NAICOM) said it recently met with the management of Lagos State Safety Commission (LSSC) to enforce compulsory insurance in the state.

Mr Rasaaq Salami, the Director, Corporate Affairs of NAICOM, stated this in a statement he signed on Saturday in Abuja.

Salami said the initiative became necessary due to reoccurring loss of lives and property in Lagos arising from collapsed buildings, fire incidents among others, without compensation to victims.

“Particular attention will be on Sections 64 and 65 of the Insurance Act of 2003 which relate to insurance of buildings under construction and public buildings.

“This is to ensure safety of third parties and adequate compensation in the event of injuries or death from any mishap,’’ he said.

Salami said that one of NAICOM’s initiatives was to drive the enforcement of compulsory insurances in the country through collaboration with state governments.

He said, ‘’To this end, the commission has already met with the Governors of Ogun and Gombe States, while efforts are being made to meet other governors.’’

Salami also said that the second phase of the Market Development and Restructuring Initiative (MDRI) of the commission would be launched in the first quarter of 2017.

He said the launch would begin the enforcement of compulsory insurance at the national level.

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