The National Insurance Commission (NAICOM) has urged the Ekiti State Government to domesticate “compulsory insurances in the State and create a structure that can be supported by NAICOM in the enforcement of the compulsory insurances.”

Speaking during an official visit to the Executive Governor of Ekiti State. Dr. Kayode Fayemi, the Commissioner For Insurance, NAICOM, Mr. Sunday Thomas said that relevant Laws of the Federal Republic of Nigeria have made certain insurances mandatory. The laws according to him, cover “All Buildings under construction that are more than two (2) floors (Builders Liability); All Public Buildings including Schools, Offices, Hotels, hospitals, Markets (Occupiers Liability)etc; Group Life Insurance for all Employees of both Public and Private Sectors; Professional Indemnity for all Medical Practitioners and Third Party Motor Vehicle Insurance in respect of death, injury or damage to the property of third parties.”

Thomas said the benefits of collaborating with the State Government in this regard, includes “Financial Compensation to the families of insured citizens who may become victims of a disaster through loss of their properties or become disabled in event of occurrence of insured accidents/disasters, etc; Creation of employment opportunities for citizens of the State,  Provision of grants and Fire-Fighting Equipment for the States’ Fire Services by NAICOM from the Fire Fund as stipulated in the Insurance Act 2003; Reduction in the government expenditure in event of disaster that may affect the citizens of the State by shifting the burden to the risk-bearers (Insurance Companies). Free Insurance and Risk Management Education and Enlightenment programme for the citizens of the State; and Creation of additional source of internally generated revenue (IGR) for State Government in collaboration with your relevant Ministries and Agencies.”

He added that a robust group life insurance policy made compulsory by the Pension Reform Act 2014 gives hope to the workforce who will be ready to go extra mile in carrying out assigned duties knowing fully well that the employer has made provision for the dependant in event of the unexpected.

“We therefore pray and recommend His Excellency’s nomination of Agency of the Government that will serve as liaison office with the Commission in this collaboration. The nominated agency may be requested to work with the Team of the state who shall be dedicated to this collaboration and recommend appropriate measure to domesticate the enforcement of the compulsory insurances in the State,” said Mr. Thomas.