The National Insurance Commission (NAICOM)has charged insurers to focus more on compliance of the Anti – money Laundering Combating Financial Crime Terrorism (AMLCFCT) regulation .
Chairman, Sub-Committee on Publicity and Communications, Insurers Committee and Managing Director, NSIA Insurance Limited, Mrs Ebelechukwu Nwachukwu said this at a news briefing on the outcome of the insurance committee meeting held on Thursday evening .
Ebelechukwu also Managing Director , NSIA Insurance Limited said that the commission directed that insurance firms must ensure that all their staff understand all the principle of AMLCFCT.
” There is a need for more training and train -the – trainer , to ensure that there is full knowledge and compliance to AMLCFCT regulation .
” This is to ensure that from an industry perspective, we can contribute more positively to Nigeria getting a good result eventually on the regulation .
” The general rating of the country in terms of AMLCFCT is low , so every sector is expected to charge its players to ensure that the rating is improved , ” she said.
According to her , the directive from the commission was not out of place or peculiar to the industry , as every sector of the economy must be up – to date in terms of customer due diligence .
On the upward review of the third – party motor insurance and ECOWAS brown card , expected from the industry since January 1, Ebelechukwu said that there is no position yet on the new price, as discussion on the implementation is still ongoing .
She said : ” The commission had directed that the process for the new price should be completed by the end of April .
” The committee between NIA and NAICOM will interface to ensure that it happens .
According to her, the commission during the meeting also charged insurers on improved documentation for effective implementation of the Risk Based Supervision (RBS) .
Ebelechukwu stated that by the end of April , the commission would issue a definite statement on RBS and a roadmap that will steer the insurance industry new capital regime.
On the NAICOM portal , she said the commission encouraged more usage of its portal and correct upload of data by the insurance companies.
Ebelechukwu said the commission advised the underwriters to comply fully , as it may be forced to review its tactics to enforcing sanction on any erring insurance companies by the end of the month .
According to her, the committee resolved that the industry have a large number of unpaid claims but discovered that challenges arising from improper documentation is responsible for certain unpaid cliams that have been reported .
The managing director said that the industry players would work more with the media on sensitising the insuring public on policy documentation , how to lodge a claim and understand the documentation in claim process.
On the Insurance bill before the National Assembly, Ebelechukwu stated that engagement is ongoing to ensure that the bill addressed the need of the industry when passed .
