In a strategic move to enhance cooperation between key insurance agencies, the Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have announced the formation of a 12-member joint committee.
The decision was made during a courtesy visit by NAICOM’s National Commissioner and Chief Executive Officer, Olusegun Omosehin, to the NSITF headquarters in Abuja according to a statement issued by the Fund’s Spokesperson, Nwanchukwu Godson on Thursday.
Godson said the newly formed committee, co-chaired by Kabir Ma’aji, NSITF’s General Manager of Compliance, and Mrs. Oluwatoyin Charles, NAICOM’s Director of Supervision, aims to develop a robust framework for collaboration between the two organisations.
He added that the initiative seeks to address shared objectives and enhance the insurance landscape for all Nigerians.
The committee’s key responsibilities include:Crafting integrated policy frameworks that leverage the combined expertise of both agencies to advance the social and conventional insurance markets.
Aligning operational standards and integrating NSITF’s compliance certificate with NAICOM’s regulatory requirements to streamline services.
“Facilitating Data Sharing and Capacity Building**: Promoting collaborative data development and sharing, as well as conducting joint capacity-building initiatives to improve stakeholder awareness and engagement.
“During the meeting, NSITF Managing Director Oluwaseun Faleye lauded the collaborative effort, highlighting its potential to significantly strengthen the insurance sector. He underscored the importance of aligning NSITF and NAICOM’s strategic goals to enhance productivity and efficiency within the sector.
“NAICOM CEO Olusegun Omosehin, accompanied by his deputy commissioners, expressed a strong commitment to working with insurance institutions to bolster the sector’s contributions to the national economy. Omosehin emphasized that this partnership aims to elevate the role of the insurance industry in Nigeria’s economic development,” the statement said.
