Business
THE Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have established a 12-member joint committee aimed at exploring and harmonizing collaborative efforts between the two agencies. This decision was made today in Abuja during a courtesy visit by the National Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, to the NSITF headquarters.
The committee, co-chaired by Kabir Ma’aji, general manager of Compliance at NSITF, and Oluwatoyin Charles, director of Supervision at NAICOM, is tasked with creating a robust collaborative framework that serves the mutual interests of both organizations and benefits all Nigerians.
The committee’s mandate includes:
Policy Framework Development: Jointly developing policy frameworks through combined technical and intellectual expertise to enhance both social and conventional insurance markets.
Standards Harmonization: Aligning operational standards, especially in compliance and oversight, to streamline services provided by both organizations. A key objective is integrating the NSITF compliance certificate into NAICOM’s regulatory requirements for insurance companies.
Data Sharing and Capacity Building: Promoting collaborative data development and sharing, and conducting joint capacity-building and awareness initiatives to educate stakeholders on the benefits of both agencies’ services.
During the meeting, NSITF Managing Director Oluwaseun Faleye praised the collaborative spirit of the NAICOM delegation, highlighting that this initiative will significantly strengthen the insurance ecosystem. Faleye acknowledged the differences in mandates and operations between NSITF and NAICOM but emphasized that harmonizing their strategic interests would enhance national productivity.
He also noted that his administration is focused on improving operational efficiency and fostering extensive stakeholder engagement to realign the NSITF with its foundational objectives.
NAICOM chief executive officer, CEO, Olusegun Omosehin, accompanied by his deputy commissioners, expressed his commitment to collaborating with insurance institutions to consolidate the sector’s contributions, including social, conventional, and deposit insurance. Omosehin highlighted that this collaboration aims to amplify the insurance sector’s role in the national economy.
In attendance to welcome the NAICOM delegation were the NSITF executive director of Administration, Prof. G.O,C Okenwa, as well as the executive director, Operations, NSITF, Mojisolaoluwa Macaulay.
Meanwhile, Ali-Macaulay today continued with the re-positioning tour of Fund with visits to the Gwagwalada, Kagini, and Jahi Branches, pledging the commitment of the leadership to re-engineer the agency.
Declaring a brighter future for the fund, Hon. Macaulay said the management has started tackling the myriads of challenges, badgering the growth of the agency, including digitization, work tools, capacity building and staff welfare, adding, ” the past is gone, the real new NSITF has started.
She therefore urged all staff to remain committed in service, vowing that the Oluwaseun Faleye administration will reform the organisation in line with the 8- Point Agenda of the Tinubu administration.
A.I
Aug. 29, 2024
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