NAICOM gears up for full implementation of risk-based supervision, drafts 8 more firms into pilot scheme

There are strong indications that the insurance supervisory authority, the National Insurance Commission (NAICOM) will this month of August commence the pilot scheme of its Risk Based Supervision (RBS) examination. A total of eight insurance companies may have been selected by NAICOM for the pilot scheme with the view of extending the exercise to other insurance institutions subsequently.

The Deputy Commissioner, Technical, NAICOM, Sabiu Abubakar said this much recently at a forum in Lagos where he disclosed that the Commission had earlier conducted a similar exercise of RBS examination in 2021 with seven companies. He said that the outcomes have been sent to the companies involved.

“Eight companies have been scheduled for the 2nd half year of 2022 RBS commencing in August,” he posited.

He revealed that NAICOM has started training its Staff on Risk-Based Capital (RBC) in collaboration with FSD, Africa, stressing that the insurance operators are expected to carry out capacity building of their Staff on RBC as the involvement of the operators on the RBC framework is very demanding in terms of human technical capacity and other resources.

Abubakar submitted that the full implementation of RBC will start on or before 2024.

Managing Director, Excel Professional Service Limited, Dr. Oladimeji Alo whilst speaking on benefits of Risk-Based Capital, implored insurance practitioners to engage on self recapitalisation without necessarily waiting for a regulatory induced exercise.

African Alliance shows strength with  N4.08bn claims payment  in 6 months

One of Nigeria’s foremost life insurer, African Alliance Insurance PLC said that it has  paid some ₦4.08bn worth of  claims to its customers spread across several lines of businesses. The company said that the payments were made within the first six months of 2022

Speaking on the firm’s claims profile, Joyce Ojemudia, MD/CEO, African Alliance Insurance PLC, reaffirmed the company’s commitment to paying genuine claims as due. “African Alliance Insurance PLC was built on a solid foundation of claims payment. Year in, year out, we do not shy away from fulfilling this critical obligation to our policyholders as due,” she said. Ojemudia stated the company’s unchanging commitment to satisfying her teeming customers. “Our pay-off is not just an empty statement of facts but indeed an assurance, to remain devoted to our policyholders despite unforeseen circumstances which may arise. It’s been Sixty two years, and we have not wavered from our commitment” she concluded.

According to the year-to-date break down, the life insurer paid N1.81bn in Annuity claims; N857.2mn in Individual Life claims; N765.4m Group Life; N436.3m Takaful as well as N208m Esusu payouts.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest and most experienced life insurance specialist in these climes. Operating out of its HQ in Lagos, the ISO certified firm has continually defied the odds as it continues to service all classes of Nigerians and businesses with best-in-class life insurance products.