• About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 1, 2025
Bislad News
  • Login
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
Bislad News
No Result
View All Result

GOODWILL MESSAGE BY THE COMMISSIONER FOR INSURANCE/CHIEF EXECUTIVE OFFICER, NATIONAL INSURANCE COMMISSION (NAICOM) MR. THOMAS O. S. AT THE NCRIB 2020 CEOs’ RETREAT ON AUGUST 20TH, 2020.

by Bisi Bamishe
August 20, 2020
in Paper Presentation
PRESENTATION BY THE COMMISSIONER FOR INSURANCE, MR. O.S THOMAS ON ‘THE STATE AND ENFORCEMENT OF COMPULSORY INSURANCES’ AT THE OFFICIAL VISIT TO HIS EXCELLENCY, THE EXECUTIVE GOVERNOR OF EKITI STATE
Share this:

Thomas

GOODWILL MESSAGE BY THE COMMISSIONER FOR INSURANCE/CHIEF EXECUTIVE OFFICER, NATIONAL INSURANCE COMMISSION (NAICOM) MR. THOMAS O. S. AT THE NCRIB 2020 CEOs’ RETREAT ON AUGUST 20TH, 2020.

Protocol,

It is my pleasure to congratulate the President and Chairman of the governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB) and members of her team for putting this together notwithstanding the precarious prevailing global atmosphere. The will to hold this year’s CEOs’ Retreat and your ability to adapt to current realities in the wake of the Corona-Virus (Covid-19) is commendable. One of the most affected businesses are the service businesses requiring physical contact which our beloved profession falls within given that most often than not, product distribution require face to face contact for us to get the buy-in of our potential clients.

Read Also:

MUST READ : Speech By Ogunbiyi At Mutual Benefits 28th Annual Thanksgiving

MUST READ : Speech Delivered By NCRIB President, Oguntade At IPEN 2023 Roundtable.

This year has no doubt been a very challenging one for our sector, individual households and the economy at large as a result of the COVID-19 pandemic. However, to us in the insurance sector, what this situation has thrown up is that there must be a paradigm shift from our usual way of business practice. It is therefore imperative on us to embrace and align our businesses to the new world order if we must be seen to be relevant.

Ladies and gentlemen, your Regulator NAICOM is also adjusting to the challenges and/or opportunities which the pandemic has imposed on the socio-economic and business environment. Among the fall outs of Covid -19 are the following
✓ The Recapitalization Program was reviewed and extended in recognition of the current realities
✓ Automation of the Commission’s processes for prompt service delivery has been fast track
✓ The E-Portal for regulatory submission of various applications by operators and obtaining E-approvals is in the final stage
✓ The Framework for Digitalization of operations (such as IT Standards, Web Aggregators, Regulatory Sandbox, etc) of regulated entities are in progress
Suffice to say that the annual NCRIB retreat for CEOs has always been an avenue to interact and share ideas for the betterment of the insurance broking business in particular and the sector at large. It will delight you to know that the National Insurance Commission (NAICOM) will always take keen interest in the deliberations and subsequent outcomes from this annual gathering. Some of your past retreat have contributed to shaping certain regulations and policies of the Commission.

Your choice of the theme “X-Raying the Finance Act 2020” is apt and couldn’t have come at a better time than now when the heat of the COVID-19 pandemic is taking its toll on the financial services sector.

The previous Tax Laws were quite stringent on insurance operators in a manner that:
1. Permitted double taxation by taxing investment income and policyholders’ funds
2. Allowed tax losses to be carried forward only for a maximum of 4 years of assessment contrary to what was obtainable in other businesses.
3. Taxdeductibleclaimsandotheroutgoingswerelimitedto25%oftotalpremium for general business, in contrast to what was obtainable in other businesses
4. Did not allow a full tax deduction on unexpired risk provision in relation to the financial year.
Ladies and gentlemen, my task today is to give a goodwill message and not to deliver a speech or make a presentation. I am very sure the erudite guest speakers assembled for this purpose will do justice to the theme for the benefit of all participants.

But before I leave you let me task you on business etiquette and ethics in all your professional dealings. Note that the unprofessional conduct of a few amongst you is posing great danger to our collective integrity as an industry. Over the years, a lot has been put into improving the fragile image and perception of insurance in this country. It is high time we all rise up to the menace of unethical business behaviour in our sector.

As the insurance industry positions itself for Post Covid-19 Era, the demands of the insuring public will require sound work ethics for us to optimize performance.

As intermediaries, business sincerity and customers’ satisfaction must be central to your core business principles.
The Commission has always and will at all-times extend her full support to all stakeholders in the industry in their drive for business growth and development. The Commission is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions.

On a final note, let me once again thank you and all other insurance institutions for your respective donations in support of the Federal Government’s effort to tame the spread of the COVID19 pandemic. On behalf of the Federal Government and the Commission in particular, I sincerely appreciate your contributions to this noble course.
I wish you all a successful deliberation.
Thank you.
Thomas O. S.
Commissioner for Insurance/CEO

Previous Post

NAIPCO AGM PIx

Next Post

THE ROLE OF INSURANCE JOURNALISTS IN EMERGING REALITIES

Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

Related Posts

Photo News: Mutual Benefits Holds 28th Annual Thanksgiving Service ln Lagos
Paper Presentation

MUST READ : Speech By Ogunbiyi At Mutual Benefits 28th Annual Thanksgiving

January 21, 2024
MUST READ :  Speech Delivered By NCRIB President, Oguntade At IPEN 2023 Roundtable.
Paper Presentation

MUST READ : Speech Delivered By NCRIB President, Oguntade At IPEN 2023 Roundtable.

November 24, 2023
Consumer Satisfaction, Key To Insurance and Pension Sectors Growth – Takor
Paper Presentation

Consumer Satisfaction, Key To Insurance and Pension Sectors Growth – Takor

November 23, 2023
IPEN Chairman’s Speech At Maiden Roundtable Talk ln Lagos
Paper Presentation

IPEN Chairman’s Speech At Maiden Roundtable Talk ln Lagos

November 23, 2023
Photo News: Ongoing 0riental News 2023 Summit ln Lagos
Paper Presentation

CFI Keynote Address At Oriental News 2023 Summit

July 20, 2023
MUST READ: CIIN President’s Address At Fitness Walk ’23
Paper Presentation

MUST READ: CIIN President’s Address At Fitness Walk ’23

April 29, 2023
Next Post
A Season Of Anxiety

THE ROLE OF INSURANCE JOURNALISTS IN EMERGING REALITIES

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

NLNG Launches Human Capital Development Programme Under Train 7 Project

NLNG Launches Human Capital Development Programme Under Train 7 Project

7 hours ago
AIICO Insurance Brings Joy And Hope to Visually Impaired Children on Children’s Day

AIICO Insurance Brings Joy And Hope to Visually Impaired Children on Children’s Day

2 days ago
Anthonia Ifeanyi-Okoro Becomes PenOp Chief Operating Officers

Anthonia Ifeanyi-Okoro Becomes PenOp Chief Operating Officers

3 days ago
Enlightenment  Campaign : Pension lndustry Radio Program Debuts April 27.

Pension Industry Hosts Knowledge Session on “Demystifying Non-Interest Shari’ah-Compliant Investments.

3 days ago

Bisladnews.com is an online publication of Bislad Communication Network Company. It is a news platform dedicated to providing top news.

Follow Us

Browse by Category

  • Back in the days
  • Business
  • Features
  • Insurance
  • Interview
  • News
  • Opinion
  • Paper Presentation
  • Pension
  • Photo Gallery
  • Politics
  • Sports
  • Uncategorized

Recent News

NLNG Launches Human Capital Development Programme Under Train 7 Project

NLNG Launches Human Capital Development Programme Under Train 7 Project

May 31, 2025
AIICO Insurance Brings Joy And Hope to Visually Impaired Children on Children’s Day

AIICO Insurance Brings Joy And Hope to Visually Impaired Children on Children’s Day

May 29, 2025
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In