The National Insurance Commission (NAICOM) has commenced discussions with the Ministry of Marine and Blue Economy to enhance compliance with insurance regulations in Nigeria’s maritime sector. This was announced following a meeting between NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, in Abuja.
Also read;
House of Representatives Urges Urgent Review of NHIS Medicine Price List Amid Rising Costs
African Alliance Pensioners Await Unpaid Benefits as NAICOM Battles Legacy Challenges
PenCom Approves Merger of ARM Pension Managers and Access Pensions to Form Access ARM Pensions Limited
The meeting focused on strengthening regulatory frameworks, particularly in ensuring adherence to key insurance requirements outlined in laws like the Cabotage Act, which governs coastal and inland shipping. The collaboration aims to develop an online portal for verifying marine insurance policies, a move intended to improve transparency and compliance within the sector.
Mr. Omosehin highlighted the importance of the portal in promoting secure, reliable marine insurance, noting that real-time policy verification would help deter non-compliance and streamline regulatory oversight. He also emphasized that non-compliance with marine insurance requirements has been a persistent issue, and NAICOM is committed to using technology-driven solutions to ensure operators obtain adequate coverage for their vessels and cargo.
Minister Oyetola expressed support for stricter enforcement of insurance provisions under the Cabotage Act, stating that compliance is essential for safeguarding Nigeria’s maritime infrastructure and economic stability. He pledged the Ministry’s cooperation in addressing the challenges and implementing reforms to improve regulatory compliance.
The collaborative effort between NAICOM and the Ministry is seen as a proactive step toward addressing long-standing challenges in Nigeria’s marine insurance market, which has faced issues like low awareness and weak enforcement. The introduction of the marine insurance verification portal is expected to provide a practical solution, offering a centralized platform for stakeholders to authenticate policies and mitigate financial and operational risks in the sector.
