In its quest to foster growth and innovation in the Nigerian insurance industry, the Managing Director of Financial Sector Deepening Africa (FSD Africa), Mr Mark Napier, led his management team on a visit to the Commissioner for Insurance Nigeria, Mr Olorundare Sunday Thomas, recently in Abuja.
A statement received from the Commission affirmed that the visit was another step towards strengthening the partnership that has existed between the two organisations to enhance the Commission’s capabilities and sustainability.
The high point of the partnership was the implementation of a Risk-Based Capital (RBC) training program, offered by FSD Africa to 70 staff members of NAICOM, aimed at boosting their capacities.
According to the statement, the two weeks training facilitated by Mr Elias Omondi, Principal in charge of innovation at FSD Africa, was beneficial to NAICOM in the following ways: Development of Risk-Based Capital framework and toolkit, Incorporation of Economic, Social and Governance (ESG) Principles into NAICOM’s operations and Development of Innovative portrait which would facilitate innovation for the regulator and insurance operators amongst others.
Stakeholders (including policyholders) in the insurance value chain are thirstily waiting to see a positive change that would follow. As a mentally fortified and knowledgeable regulator for responsible and innovative practices, the future of the Nigerian insurance landscape appears auspicious, poised to offer better protection and services to Nigerians.
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