The National Insurance Commission (NAICOM) has given insurance companies Dec.31 deadline to clear all outstanding claims.

The Head, Communication and Stakeholders Management Sub-committee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, made this known while addressing a news conference after a meeting of management in Lagos.

The meeting marked the first gathering of the Insurers Committee with Mr Segun Omosehin, as the Commissioner For Insurance.

Nwachukwu, also Managing Director, Rex Insurance Ltd., said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims is captured at the close of their 2024 financial accounts.

The NAICOM boss, she said, tasked the insurance company’s executives to defend the insurance industry through payment of genuine claims, which is integral.

“The regulator said it would be checking in an intensive and focused manner, the outstanding claims in the insurer’s books.

“The commission said its focus is on the soundness of the insurance industry, measured by the ability of meet their obligations when due,”she said.

According to her, the commissioner also charged the insurance companies to take steps towards recapitalisation, by evaluating their financial position, as to the need to raise fresh capital.

She said the charge came by the regulator,having exposed a draft of the Risk Based Supervision (RBS) regulations to the operators, in the event that recapitalisation takes-off.

“If there will be need to raise capital, insurance companies need to start speaking with their different boards, shareholders about the possibility of recapitalisation happening, before it becomes a regulation,”she said.

Nwachukwu revealed that the commissioner further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations to the regulation.

She said the commissioner also charged CEOs of insurance firms to get involved in addressing complaints.

Nwachukwu also stated that the regulator encouraged the insurance operators to submit the financial statements of their companies early enough, to create more confidence on the industry.

She mentioned that Omosehin charged the insurers to focus their attention significantly on Nigeria’s Data Protection regulations for the insurance industry.

The sub-committee chairman said NAICOM boss also wants insurance operators to pay specific attention to the implementation of the 10- year Insurance Strategic Plan.

She said this was important, having unanimously agreed to seven thrusts of commitment that would enable the industry meets its objective by year 2027.

Nwachukwu added that the commissioner charged the insurance operators to also pay attention to the legal and regulatory framework for the industry, under the Insurance Bill 2024.

“He spoke about focusing of compliance issues, under the Prudential Guidelines released by NAICOM to the insurers and put an end to Corporate Governance abuses, recognised within the industry.

“The commissioner discussed the National Credit Guarantee Scheme signed by President Bola Tinubu.

“If insurers invest in the scheme, we have the potential of sitting on the board of the facility, where a lot of decisions would be taken,”she said.

According to her, Omosehin also informed the insurance operators on the significant progress made on the Agency’s portal, noting that all resources are in place to continue the efficiency of the portal.

Nwachukwu said the present administration of NAICOM is very clear on the insurance industry and what  it expects to see and has hinged its success on the collective Insurance Industry Reforms plans agreed upon as an industry.

She further said that the regulator insisted that insurers get the right approval from NAICOM before newly appointed Executive Director of insurance companies assumes their appointment.

The insurer stated that the committee also reconstituted its sub-committees in line with the pillars of its 10-year roadmap for the insurance industry.

Nwachukwu listed the reconstituted sub-committees of the Insurers Committee as, the Insurance Sector Stability committee,Communication and Stakeholders Management committee, Technology and Talent Management committee and Customer Service and Market Expansion committee.(NAN)

Three Israelis are missing following clashes between Israeli football fans and pro-Palestinian demonstrators on the fringes of football club Maccabi Tel Aviv’s match in Amsterdam, according to Israeli authorities.

Ten people were injured in the violence, the Israeli Foreign Ministry said on Friday morning.

The degree of their injuries was initially unclear.

The ministry urged its citizens to use public transport to travel to the airport, after Israel had announced it was sending two planes to evacuate the fans.

Local security forces had been deployed, the ministry said.

The ministry had initially advised fans not to leave their hotels.

It also advised its citizens not to wear Jewish or Israeli symbols in public.

The National Association of Scrap and Waste Dealers Employers of Nigeria (NASWDEN) and stakeholders have reiterated commitment to end vandalism and illegal ticketing on highways across the country.

The stakeholders said this at the Extraordinary Special Delegates Conference of the NASWDEN on Thursday in Abuja.

The theme of the event was “Operation Say No to Vandals and Double Taxation on our Highway”.

The Presisent of NASWDEN, Mr John Obeh, decried the rise of criminal activities, including the vandalisation of public and private infrastructure by individuals masquerading as scrap dealers.

According to him, this has tarnished the image of the industry and caused widespread concern across the country.

Obeh revealed that many state governments had begun outlawing scrap scavenging in response to these criminal activities, which have been attributed to illegal “iron condemn” scavengers.

He said that these activities had led to bans on scrap collectors in various residential estates and a general negative perception of the profession.

“To address these issues, NASWDEN is embarking on the registration and documentation of all scrap dealers and their operations across Nigeria.

“This will include creating a nationwide database of registered dealers, which will also feature biometric information for easy identification.

“Additionally, NASWDEN will establish a task force to monitor scrap-bearing vehicles at designated checkpoints across the country.

“These checkpoints will inspect trucks for prohibited materials, including railway tracks, manholes, and energy infrastructure, which are often targeted by vandals, ” he said.

According to Obeh, any truck found carrying such materials will be handed over to relevant security agencies.

He also raised concerns about the activities of illegal ticketing agents on Nigerian highways, noting that these individuals impose multiple illegal charges on scrap-bearing trucks, thus inflating transportation costs.

He called on the Inspector-General of Police to assist in addressing this issue, which he said undermined the Federal Government’s policy of ease of doing business.

The NASWDEN President urged the Ministry of Steel Development to collaborate with the association to ensure that steel industries cooperate with its members in achieving its objectives.

He also appealed to the Manufacturers Association of Nigeria (MAN) to support NASWDEN’s efforts by working together to ensure a smooth and uninterrupted supply of metal scrap and waste materials to manufacturing companies.

During the conference, NASWDEN inaugurated a special task force, “Operation Say No to Vandalism”, aimed at eliminating criminal activities and preventing double taxation on highways.

The NASWDEN boss called on the Federal Government to support the association’s efforts by providing operational vehicles and logistical support, particularly in its efforts to clean up the Federal Capital Territory (FCT).

He also urged the Nigeria Security and Civil Defence Corps (NSCDC) and the police to assist in securing the operations of the task force.

“We recognise that fighting vandals and criminals is a risky endeavor, but with the support of all stakeholders, I believe we can successfully combat these challenges.

“This will help to promote the growth of the scrap and waste industry for the benefit of all Nigerians,” he said.

The Permanent Secretary, Ministry of Mines and Steel Development, Dr Chris Isokpunwu, represented by Mr Frederick Ewa, Director, Metallurgical Inspectorate and Environmental Protection, commended the union for its effort to end vandalism.

”Today’s initiative is a testament to the association’s unwavering commitment to curbing the illegal practices that threaten the industry’s integrity, safety and development of our nation as a whole.

“Vandalism and illegal ticketing on our highways are serious concerns that undermine infrastructure, impact livelihoods, and disrupt the economy.

“The ministry acknowledges and deeply values the strategic role NASWDEN plays in the regulation and management of ferrous and non-ferrous scrap in Nigeria.

“This campaign is a crucial step towards creating a more secure, ethical, and sustainable environment for all stakeholders in the industry,” he said.

He then pledged the commitment of the ministry to provide the necessary backing to ensure that the goals of the campaign were achieved.

“As we launch this campaign, I encourage all stakeholders, industry leaders, dealers, vendors, and the general public to actively support this initiative.

” It is only through our collective efforts that we can create a safer and more prosperous environment for the steel and scrap industry, while safeguarding the infrastructure that is critical to our nation’s development,” he said.

The Inspector-General of Police (IGP), Kayode Egbetokun, expreseed the commitment of the police to supporting the union in the fight against vandalism and other vices in the country.

Egbetokun, who was represented by ACP Sule Abel, said that vandalism and destruction of properties were crimes, not only against the state, but against individuals.

“I am pleased with your noble objectives and call on other stakeholders to emulate you.

” Be assured that the Police is ready to give you maximum support when and where neccessary to ensure eradication of this challenge,” he said.

Represenring the National Security and Civil Defence Corps (NSCDC), Deputy Commandant Adebayo Bello , also restated the commitment of the corps to support the association’s mandate.

Bello furrher said that there was need for synergy among key stakeholders to tackle the challenge of vandals in the country.(NAN)