By Bisi Bamishe
NIA has disclosed that discussion is ongoing on provision of cover for containers at the port.
Chairman of NIA who is also the managing director of Cornerstone lnsurance, Ganiyu Musa made this known in Lagos yesterday during an interactive session with the media.
According to him, the Association is holding discussions with the National Insurance Commission (NAICOM), Nigerian Shippers Council, Project IT Vendor-BrandOne and all other stakeholders in the maritime value chain including shippers/ Importer, Clearing agents, track owners, Guild of Marine Surveyors, PRAN and tracking companies on provision of cover for containers.
He assured that
Tagged Nigerian Shippers’ Council Container lnsurance Project (Package policy) will be a risk management substitute for container deposits being made by the importer to the shipping companies thereby eliminating capital flight from the country
Musa added that, the Association with the help of her team of actuaries is presently discussing with NEXIM Bank, MNK Re Limited (Broker at Lloyd’s), PRAN, and the Guild of Marine Surveyors view to developing cover for Export Credit Guarantee Insurance and Political Risks for the banks and exporters.
Giving an update on the Consolidated Insurance Bill 2020 & Finance Act 2021
he said, “The Consolidated Insurance Bill 2020 is still receiving legislative attention in the National Assembly and the Association is on top of developments on it”.
Optimistic that the Bill will be passed into law before long, he added, “we are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps”.
Musa affirmed that NIA will continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the States. “It is our expectation that laws on compulsory insurance can be domesticated in other States just as Lagos State has done”, he said.
Beyond the efforts of the Commission, the Association has also upscaled its market development initiatives through strategic engagements with the various states. Some of them include: Lagos
Vehicle lnspection Services (VIS), Lagos State Building Control Agency (LASBCA) and Lagos State Safety Commission (LSC).
The Association is working with Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform.
The Association is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (Section 64) and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019)
In addition, NIA is collaborating with Lagos State Security Commission (LSC), Nigerian Council of Registered Insurance Brokers (NCRIB) and Courteville on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.
