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The collaboration between Financial Sector Deepening Africa (FSD Africa) and the National Insurance Commission (NAICOM) marks a significant stride in fostering growth and innovation within Nigeria’s insurance sector.
During a visit to NAICOM Chief Executive Sunday Thomas in Abuja, FSD Africa Managing Director Mark Napier unveiled this partnership aimed at bolstering the sector’s capabilities and long-term viability.
Mark Napier elaborated that the collaboration also envisions the implementation of a Risk-Based Capital (RBC) training program, designed to elevate the proficiency of 70 NAICOM staff members.
He mentioned, “We’ve already conducted a two-week training program, led by Elias Omondi, a principal overseeing innovation at FSD Africa.”
The RBC framework stands as a transformative leap in insurance regulation, aligning capital prerequisites with the risk profiles of insurance companies, Napier underlined. With this collaboration, FSD Africa strives to empower NAICOM personnel with essential skills for the effective implementation and oversight of risk-based capital practices.
This proactive endeavor is set to fortify the overall stability and resilience of the Nigerian insurance market, ultimately benefiting insurers and policyholders alike.
Napier emphasized, “Consequently, this framework will serve as a guiding compass for insurers, enabling them to proficiently assess and manage risks while simultaneously adhering to regulatory mandates.” This collaboration symbolizes a united stride toward a more robust and adaptive insurance landscape in Nigeria.
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