Compulsory insurance policies will boost economy ' NAICOM

National Coordinator, Market Development and Restructuring Initiatives, National Insurance Commission, Alhaji Adamu Balanti, has said the compulsory insurance policies of the Federal Government will boost economic and industrial activities.He therefore urged people and institutions in the country to comply with the law, saying the law was beneficial to them.Speaking to journalists in Ilorin on Thursday, he said NAICOM commenced the enforcement of the policies in Kwara from Tuesday.He said the exercise would extend to other parts of the country, adding that it commenced in Ibadan, Oyo State, few weeks ago.Balanti stated that the commission had undertaken sensitisation campaigns to create awareness of the importance of complying with the laws.According to him, the enforcement team comprised volunteers as well as statutory agencies. They included the Federal Road Safety Commission, the Nigeria Police, state Fire Service, Council of Registered Builders of Nigeria and Insurance Consumers Association of Nigeria.Balanti, who is also Director, Research, Statistics and Information Technology, NAICOM, stated that the policies included, Compulsory Group Life Insurance; Health care Professional Liability Insurance; the Builders Liability Insurance; the Occupiers Liability Insurance and Motor Third Party Liability Insurance.He urged affected bodies, institutions and persons to comply with the directive, adding that the laws had been in existence for many years.He stated that the policies were necessary to protect people, especially third parties, from harm or liabilities.Balanti said, We are in Ilorin to enforce the compulsory insurance products in Nigeria We have started the enforcement in Ibadan about two or three weeks ago. We are going to go round the country. We are also targeting, all public and private sector organisations with more than four employees; medical institutions and all the medical professionals working therein.Others are all the owners and contractors of more than two floors under construction; all business and offices premises (government, corporate and private); all hotels, guest houses, and residential estates; all residential buildings that are left out in full or in part; all recreational centres, club houses; and cinema halls; all schools and training institutions, all petrol and gas stations; all hospitals, health centres and clinics both private and public; all markets and shopping plazas and any other building except churches and mosques.
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