The National Insurance Commission [NAICOM] and Central Bank of Nigeria [CBN] are working towards an effective strategy for bancassurance policy.

Mr. Mohammed Kari, Commissioner for Insurance, National Insurance Commission, said at a media retreat in Abeokuta, Ogun State, that NAICOM is actively discussing with the CBN to fine-tune the strategies for bancassurance policy and modalities for implementation.

On compulsory insurances, Kari said the Commission is set to establish 12 branches across the states to support the growth of compulsory insurance in the states.

“Presently, we do not have the required human resources to effectively enforce compulsory insurances across the nation. Indeed, effective enforcement of such insurances will create employment, business opportunities and protect public assets.”

The NAICOM chief also announced the establishment of West African Insurance Supervisors Association [WAISA] amongst the English-speaking nations of the region [Nigeria, Liberia, Ghana, Sierra Leone and The Gambia].

He said the objective of WAISA is to share insurance information, harmonise laws and engage in joint inspection of insurance firms engaged in cross-border operations within the region.