NAICOM sensitises Aviation Minister on local content provisions

The Commissioner for Insurance (CFI) and Chief Executive of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has briefed the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws.

Omosehin laid emphasis on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of Nigeria’s Gross Domestic Product (GDP).

He stated this recently when he paid a courtesy visit to Mr Keyamo, highlighted the core functions of the commission, which include regulating, supervising and developing the insurance industry in Nigeria and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders and public trust.

The minister, while welcoming the CFI expressed delight at the visit, stating that he had been looking forward to the meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

Keyamo stated that based on the clarifications provided by the CFI, he would like to convene a stakeholders’ meeting involving the NAICOM, airline and insurance operators to reach an agreeable position to all parties.

Also in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs Olubunmi Kuku.

The minister and the CFI agreed that an interaction of that nature was imperative in promoting the image of Nigeria while pushing for improvements in relevant laws to attract and retain credible relationships with international stakeholders.

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