NAICOM CEO Meets Minister of Aviation For Insurance Awareness Creation

By Angel-Linda Ike

The Commissioner for Insurance and Chief Executive Office of NAICOM, Olusegun Omosehin has taken the awareness of Insurance and reinsurance to the Ministry of Aviation and Airspace Development.

Mr. Omosehin who paid a courtesy visit to the minister of Aviation and Airspace Department, Festus Keyamo on Wednesday, in Abuja explained the working of Insurance to the minister.

He highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.

The Commissioner further explained to the minister, the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws.

Emphasis was on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of the GDP.

The Minister Festus Keyamo expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

He was satisfied with clarifications provided by the Commissioner for Insurance, assuring to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.

Also, in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.

The Hon. Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in the relevant laws to attract and retain credible relationships with international stakeholders