Insurance 28
Daily Times Nigeria Thusday, January 22, 2015
PenCom delays approval of pension e-collection system Stories by Kayode Adelowokan
PenCom said though there is no clear indication why the Commission is yet to approve the full operation of the system, but declined to speak further on the matter. The Chairman, Committee on EPCCOS, who is also the Managing Director of UBA Pension Custodian said: “We are still working tirelessly to ensure that the platform is launched this month (January) as planned, but we are waiting on PenCom to resolve some issues before it is officially unveiled. We are optimistic the electronic platform will start operation this month.”
He explained further that if the electronic platform is approved, “it will drive seamless pension contribution remittances and scheduled collection in the country.” Yusuf said operators are still test-running the system, as about 500 employers are currently using it while plans are at an advanced stage to ensure the platform commences full operation in a couple of weeks. The initiative, Yusuf said, came into existence following huge unverified and unclaimed pensions, as operators could not reconcile the owners with the pensions remitted.
Claims defaults: NAICOM maintains stan on zero tolerance
Following the introduction of Electronic Pension Contribution Collection System (EPCCOS) in 2014, it is now clear that National Pension Commission (PenCom) is yet to approve its full operation. The Chairman, Committee on EPCCOS, Bayo Yusuf, said the plan of the operators to unveil the scheme this month was still intact, adding that operators are just waiting on the regulator to do certain things before the initiative is officially unveiled. In a telephone conversation with Daily Times, a staff of
National Insurance Commission (NAICOM) has reaffirmed its commitment to the general public on the duties and functions of the Complaint Bureau established to handle issues of claims default by operators. The Commission in a circular said Section 8(a) of the NAICOM Act 1997 mandates it to establish a Bureau to which complaint against any Insurance Institution may be submitted by members of the insuring public and beneficiaries. It said in view of the above, the general public is reminded to forward to the Commission any complain of unsettled Insurance claim. The commission said any
L-R Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro; NCRIB President, Ayodapo Shoderu; Consultant, ANN Plc Pastor Segun Olatunji, and Deputy President of NCRIB, Kayode Okunnore at an event recently.
Chibudom Nwuche, NAICOM chairman
policy holder or beneficiary that feels aggrieved by the operations of any Insurance Institution. Brokers and Agents may complain on behalf of their Principal. It said the letter of complaint should contain name of complainant/policy holder, phone number, address and e-mail address of complainant/policy holder, name of Insurance institution being complained against, nature of complain, type of policy with policy number and claim number and amount of claim. The commission also said the services rendered by the Complaints Bureau of NAICOM are free of charge.
EAIPN set to enhance local capacity in oil & gas business Efforts by the Nigerian insurance industry to retain capacity in Oil & gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting has received a major boost with the inauguration of the Technical Management Board of the Energy and Allied Risks Insurance Pool of Nigeria (EAIPN) by the Commissioner for Insurance, Fola Daniel. The Pool is being promoted by member companies of the Nigerian Insurers Association. The Commissioner for Insurance in Abuja at the Commission’s corporate head office
during a brief but eventful ceremony to signpost the commencement of the pool, congratulated the Chairman of the Nigerian Insurers Association, Mr. Godwin Wiggle for bringing to fruition his desire for a pool that will address some of the challenges faced by insurance companies in oil and gas underwriting in Nigeria. Presenting the Technical Board of the Pool to the Commissioner for Insurance, Chairman of the Board, Mr. Wole Oshin, stated that the Pool currently has 14 subscribers, who have contributed 40 per cent of their subscribed lines amounting to
Daniel,Commissioner for Insurance, USD 4,000,000.00. He expressed optimism that other insurance companies that have expressed their interest in the Pool will subscribe to the Pool after the
launching of the EAIPN. The fourteen companies are: Leadway Assurance Company limited, Custodian And Allied Insurance Plc, Aiico Insurance Plc, Lasaco Assurance Plc, Royal Exchange Insurance Co. Ltd, Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc, Linkage Assurance Plc, and Industrial And General Insurance Plc, Nigerian Agric Insurance Corporation (NAIC), Sterling Assurance Company Limited, Prestige Assurance Plc, NEM Insurance Plc and NSIA Insurance Oshin informed the CFI that Africa Re emerged as the Manag-
er of the Pool after a rigorous selection process, adding that the company is expected to use its global outreach and experience to manage the pool profitably and build the requisite capacity. “The Technical Management Board went through a rigorous process in selecting Africa Re as the Manager of the Pool. They have a very strong pedigree and an excellent track record in the management of Pools.” We are really counting on their expertise to build capacity and grow the local market and we trust that they will deliver on this mandate,” Oshin enthused.