The National Insurance Commission (NAICOM) on Thursday said it would soon release guidelines on insurance of government assets to ensure appropriate and adequate insurance cover for government assets.
The Commissioner for Insurance, Mr Sunday Thomas stated this while delivering a paper at the second edition of the Chartered Insurance Institute of Nigeria, (CIIN) 2022 Business Outlook Seminar, held in Lagos.
Thomas represented by NAICOM deputy commissioner ,Technical, Mr Sabiu Abubaka, said that the guidelines which will be released soon will ensure that Ministries, Departments and Agencies, MDAs assets are fully covered.
He explained that the commission has collaborated with Ministry of Finance, Secretary to the Government of the Federation and Head of Service, to come up with the guidelines.
He noted that the guidelines will ensure that all MDAs comply with the requirements in the guildines and failure to comply will attract sanction, even from government.
“It is very worrisome to the commission that most assets and liabilities of government are never adequately and appropriately insured.
” This further accentuate the need for urgent measures to be put in place to ensure that government gets value for money in the purchase of insurance by MDAs,” he said.
On International Financial Reporting Standard (IFRS17), Thomas said the commission was determined on the proposed implementation of date of January, 2023.
According to him the commission has set up sub-working groups to facilitate the migration.
The commissioner urged board members of each insurance firm to get prepared for the IFRS 17 implementation, as the deadline for migration was already close.
In his address, CIIN’s President, Mr Edwin Igbiti, said that the seminar was organised for key players in the insurance industry and other finance sub-sector to review the business environment in the country.
Igbiti explained that the review was for the performance of the industry in the immediate past year and way forward for the new year.
