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NAICOM moves to enforce compulsory insurance of public buildings

By on October 20, 2017

To drive the enforcement of the compulsory insurance of public buildings across the country, The National Insurance Commission (NAICOM) in Abuja has inaugurated a technical committee.

The committee was inaugurated by NAICOM’s Commissioner for Insurance, Mr Mohammed Kari, and it has membership drawn from NAICOM, the Federal Fire Service (FFS) from all the zones and the Nigeria Insurance Association (NIA).

But the steering committee is made up of the Commissioner for Insurance, the Controller-General of the Federal Fire Service and the Director-General of the NIA.

Speaking at the committee’s inauguration, Mr. Kari said it was the responsibility of the committee to advise the steering committee on how public building funds would be effectively and efficiently disbursed in the country.

Represented by the Deputy Commissioner for Insurance, Technical, Mr Thomas Sunday, Kari sad that NAICOM, under the National Insurance Act 2003, had the responsibility of ensuring that public buildings and buildings under construction were insured.

“By public buildings, we mean all schools, hospitals, hotels and offices, and they have the responsibility to show evidence that they have complied with Section 65 of the Insurance Act 2003,’’ he said.

“We have the responsibility for collecting of funds, monitoring and also disbursing the funds for the purpose of improving fire activities in Nigeria.

“0.25 per cent of premium collected with respect to public buildings are supposed to be accumulated in the fire funds. But over time, these funds have not been forthcoming because the process for collection is not put in place,” he said.

He said that some of the funds would be used for the purchase of vehicles for inspection, investigation and also for the purpose of publicity.

The commissioner said that about N78 million had already been accumulated in the funds, adding that a template had been given to the market that would ensure proper enforcement for collection of more funds.

[Daily Trust]

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