27 November 2012

Nigeria: FG Pays N1 Billion Premium for Workers Life Insurance

Lagos — The Federal Government has released about N1 billion premium for the group life policy for workers this year. The N1 billion is about 25 percent of the sum premium for the staff covered under the policy.

This could be a fallout from the visit to the Head of Service by Nigerian Council of Registered Insurance Brokers (NCRIB).

The Head of the Civil Service of the Federation, Alhaji Isa Bello Sali, had directed that all outstanding premiums for the 2012 Federal Government Group Life Assurance Scheme should be paid without further delay.

He gave the directive in his office in Abuja when he received a delegation of the Governing Board of the Nigerian Council of Registered Insurance Brokers led by its President, Barrister Laide Osijo.

The Head of Service who was represented by the Permanent Secretary, Common Services Office, Alhaji Bukar Goni Aji, acknowledged the important role of insurance brokers in the successful implementation of the Group Life Assurance Scheme and also assured them that as a body established by law, the council will continue to receive appropriate prominence in all issues related to the scheme.

Speaking further, he urged the council to ensure that all its members operate in line with laid down rules and ensure that beneficiaries of the scheme receive prompt payment and are well treated.

Earlier in her address, the President of the Nigerian Council of Registered Insurance Brokers, Barrister Laide Osijo, called on the Office of the Head of the Civil Service of the Federation to reverse the order of issuance of appointment letters for participation in the scheme.

According to her, a situation where underwriters receive letters of appointments before brokers may limit the effectiveness of brokerage services and is not in line with international best practices.

Barr. Osijo also stressed the need for government to pay greater attention to the insurance of its non-life assets in line with laid down rules. If this is adhered to, she added, the insurance industry will be more robust in its contribution to national economy.

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