The National Insurance Commission has urged Ministries, Departments and Agencies of government to ensure payment of insurance premiums to renew their insurance policies.
NAICOM insisted that its policy of, ‘No premium no cover’ remained for the insured to get claims when a loss occurs.
It stated this in its new guidelines for insurance of government assets and liabilities for MDAs of governments and other stakeholders, dated October 23, 2023.
Part of the guidelines stated, “In compliance with the premium collection and remittance provisions in the market conduct guidelines, insurance cover for an MDA shall only be provided on a strict no premium no cover basis.
“An MDA shall effect payment of premium to enable renewal of their insurances not later than the effective date of the insurance contract.”
As an adviser to the Federal Government of Nigeria on insurance-related matters, NAICOM stated that it observed challenges in the insurance of government assets and liabilities which had led to avoidable expenditure by the government.
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