The National Insurance Commission (NAICOM) has urged the Kano State Government to empower its joint committee on the implementation of compulsory insurances in the state to consider the issue of collapsed buildings that have continued to pose serious challenges in major cities in the country.
It advised that the state agencies that approve and monitor construction should be given the mandate to look into this matter and collaborate with other agencies like the Town Planning Authority, Fire Service, Police, etc, and relevant professional associations like COREN some of which should also be co-opted into the Committee.
The NAICOM also charged the Kano State Government to always factor in insurance whenever it is considering disbursement of funds either to farmers or traders in its poverty alleviation programmes as it is only with insurance that the government can guarantee business sustainability and revolving of funds for the future thereby providing a safety net for the MSMEs against unforeseen circumstances while securing millions of jobs and wealth creation.
The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olorundare Sunday Thomas stated this during the sensitisation programme for top functionaries in Kano State on implementation and enforcement of compulsory insurances in the State yesterday.
According to Mr. Thomas, this will ensure that provisions of the law regarding the insurance of public buildings against 3rd party liability and all buildings under construction that are above two floors are strictly adhered to.
The NAICOM boss said, “We must let everyone around us know that insurance is something you buy when you seem not to need it because it will be too late to buy when the unforeseen occurs and you may regret not buying it”.
While restating the appreciation of the entire Governing Board, Management and Staff of the
NAICOM for the support of the Kano State Government in the drive to give insurance a lift in the state, Mr. Thomas added “with what I have seen and the interest shown by the State Government, I know that the State Government will lead by example by ensuring that it adequately protects its assets and liabilities by effecting appropriate insurance cover”.
The Insurance Act 2003 and other relevant laws of the Federal Republic of Nigeria make the following insurances mandatory among others;
“Third-party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; All Buildings under construction that are more than two floors; All Public Buildings including Schools, Offices, Hotels, Hospitals, Shopping Malls, etc.; Professional indemnity for all medical practitioners and hospitals; and Group life insurance cover by employers for employees where there are more than 3 persons. Annuity for retirees as provided under the Pension Reform Act 2014”.
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