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NAICOM, HOS to collaborate on workers’ insurance

By on September 8, 2014

The National Insurance Commission says it is partnering the Office of the Head of Service of the Federation to enhance the implementation of the compulsory group life insurance cover for workers.

A statement from NAICOM said this was part of its continuing efforts at ensuring adequate protection for federal workers,

It stated that this was the outcome of the meeting between the two bodies when the management of NAICOM, led by the Chairman of the Governing Board, Chibudom Nwuche, paid a courtesy call on the Head of Service of the Federation, Danladi Kifasi, in his office.

Nwuche expressed the appreciation of the commission to the HOS for the success achieved so far in the implementation of the Pension Reform Act of 2014 in relation to the group life insurance scheme for federal workers.

He noted that the scheme had not operated without some challenges. These challenges, according him, range from availability of adequate data for proper administration to timely notification of claims and submission of supporting documents and appropriate pricing of the risk.

Nwuche asked the HOS to also look into the issue of insurance of the Federal Government’ assets and property, noting that the insurance of public buildings is compulsory under the Insurance Act of 2003 and NAICOM Act of 1997.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Fola Daniel, informed the HOS that the industry was prepared to undertake the training of scheduled employees of the OHOSF, especially the officers involved with the management of the scheme to ensure the justification and realisation of the set objectives of the scheme.

Daniel said the industry would also provide specific preventive health training for members in the scheme based on the outcome of the information gathered from the analysis of the data in its possession.

Kifasi expressed the preparedness of his office to continue the collaboration with NAICOM to ensure the success of the scheme.

He pledged to support the commission in its enlightenment and education, especially in the area of financial planning.

The HOS promised that the OHOSF would remain transparent but strict in subsequent bidding and selection processes to appoint brokers and underwriters for the group life insurance scheme for federal workers.