LAGOS – The National Insurance Commission (NAICOM) said on Thursday that in 2015 it would endeavour to consolidate on reforms initiated in the past seven years.
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The Commissioner For Insurance, NAICOM, Mr Fola Daniel, said in a statement issued in Lagos that NAICOM would consolidate on reforms in such areas as micro insurance and Takaful Initiatives.
Daniel said that the commission would consolidate on no-premium-no-cover, International Financial Reporting System (IFRS), risk-based capitalisation, among others.
He said the reforms were focused on the Market Development and Restructuring Initiative.
He said the insurance sector reform would deliver more jobs and skill; build consumers trust and awareness and increase access to insurance.
Daniel said that the no-premium-no-cover policy had helped raise the cash flow of insurance companies and reduced complaints on non-settlement of claims. (NAN)