In an effort to foster development and innovation in the country’s insurance industry are cooperating.
The partnership was established when Sunday Thomas, the chief executive of NAICOM, had a visit from FSD Africa managing director Mark Napier and his colleagues in Abuja.
The two organizations’ collaboration is anticipated to improve the sector’s sustainability and capacities.
FSD Managing Director Mark Napier noted earlier that the collaboration was also planned to assist with the implementation of the Risk-Based Capital (RBC) training program to increase the skills of 70 NAICOM staff members.
“Already, a two-week training programme was conducted by Elias Omondi, the principal in charge of innovation at FSD Africa,” he stated.
“The RBC framework is a transformative drive for insurance regulation, where capital requirements are aligned with the risk profiles of insurance companies,” he went on to added.
He claimed that through offering specialized training in the field, FSD Africa aimed to give NAICOM staff the abilities needed to effectively execute and oversee risk-based capital policies.
Both insurers and policyholders are likely to gain from this initiative, which is projected to increase the stability and resilience of the Nigerian insurance sector overall.
He emphasized: “Hence, this framework would serve as a guiding document for insurers, enabling them to assess and manage their risks efficiently while meeting regulatory requirements.”
