INSURERS TO ACCESS N9BN CIVIL SERVICE GROUP LIFE PREMIUM

By Favour Nnabugwu & Rosemary Onuoha
Insurance companies that insured Federal Government workers under the Civil Service Group Life Insurance Cover are to access N9 billion as first tranche payment from the N14 billon budgeted for the cover.

Commissioner for Insurance Mr. Fola Daniel disclosed this in Uyo, Akwa Ibom State recently. He revealed that the federal government has already set aside N9 billion for the 2011 group life cover for the underwriters to access, adding that a circular would soon be issued to insurers to that effect.

The insurance Commissioner said that the industry had in recent times enjoyed adequate support from the government in repositioning insurance business. He however noted that the campaign on the enforcement of insurances had reached its climax, stating that insurance companies were cooperating with the commission.

He said that NAICOM would begin on-site enforcement of compulsory insurance from November 15, adding that Ibadan, Oyo State Capital had already been chosen for the event.

'The Campaign on the enforcement of compulsory insurance in Nigeria is now reaching its climax. The insurance companies are now beginning to key into the project. Beyond sales marketing, some insurance companies have actually joined NAICOM in sensitising the public and creating awareness on the existence of these compulsory insurances through advertisement campaigns in the media.

'From early November, the commission will roll out its advertisement campaign to further draw the attention of the public to these insurances, warn and educate them about the benefits and consequences of non compliance. This is preparatory to the actual commencement of on-site enforcement of compulsory insurance in the country with Ibadan, Oyo State capital as the starting point from November 15,' he stated.