NAICOM, NLC to Partner On Group Life Insurance

Posted by African Examiner Business News, Insurance Monday, February 17th, 2014

As measures to deepen insurance penetration and provide adequate protection to workers in Nigeria, the National Insurance Commission (NAICOM) and the Nigeria Labour Congress (NLC) are set to collaborate on the implementation of Compulsory Group Life Insurance in Nigeria.

Commissioner for Insurance, NAICOM, Mr. Fola Daniel

This was disclosed recently by both parties when the Commissioner for Insurance, NAICOM, Mr. Fola Daniel, led members of his top management on a working visit to the President, Nigeria Labour Congress Comrade Abdulwaheed Omar, at the Labour House, Abuja.

Daniel in his opening address said one of the Cardinal functions of the Commission is the protection of existing and prospective insurance policy holders in the Country.

He further enumerated the benefits inherent in the consumption of compulsory Group Life Insurance under the Pension Reform Act of 2004, and urged the NLC to ensure it members, especially at the State and Local Government levels are adequately insured by their employers.

The Insurance Commissioner seized the opportunity to commend the NLC President Comrade Omar and his team for their role towards the successful resolution of the protracted ASUU strike in 2013.

In his response, the President of NLC Comrade Abdulwaheed Omar, said the Congress is ready to work in collaboration with NAICOM in sensitizing Nigeria workers and the general public on the benefit of insurance products.

Omar however suggested the setting up of a joint working committee for strategic planning and implementation to achieve desired success. Membership of the Committee will include NAICOM, NLC and National Pension Commission (PENCOM) to ensure greater efficiency and effectiveness. The Committee is expected to be inaugurated very soon.

In attendance at the meeting are the Deputy President, NLC, Comrade Kiri Mohammed (President, Civil Service Commission union); President NUPENG, Comrade Igwe Acheze; Deputy President NLC, Comrade Issa Aremu, among others.