The Federal Government and the National Insurance Commission (NAICOM) have opened discussions to establish new guidelines for the insurance of government assets.
The guidelines include – Insurance Regulatory Sandbox Operational Guidelines; Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
The new strategy is being nurtured by the Secretary to Government of the Federation, Senator George Akume, who has already opened talks with the Commissioner for Insurance (CFI), Olorundare Sunday Thomas.
There are indicators that the new government direction for insurance will materialise by October at the National Insurance confab.
Thomas disclosed this at an interaction with financial journalists held at Ibom Icon Hotels and Golf Resort, Uyo, Akwa Ibom State.
He acknowledged that the present disposition of the Federal Government to insurance coming early in the administration’s few months in government, is a step away from what it used to be and a step in the right direction.
He said the Federal Government is committed to its new stand on insurance and is already working with the commission on the strategic guideline that will serve as a blueprint for government fresh appetite for insurance purchase that would be followed strictly by all ministries, departments and agencies (MDAs).