NAICOM Boosts Maritime Insurance Compliance
By Patience Ikpeme
The National Insurance Commission (NAICOM) has initiated talks with the Ministry of Marine and Blue Economy to explore collaborative efforts to enhance compliance with insurance requirements in Nigeria’s maritime sector.
Following a meeting between the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, the two agencies agreed to work together to strengthen regulatory frameworks in the marine industry and ensure that key insurance requirements are met under relevant laws such as the Cabotage Act.
The discussions focused on areas of potential collaboration, particularly in the verification of marine insurance policies and improving compliance across the sector. The partnership is expected to result in the development of an online portal that will facilitate the verification of marine insurance policies, improving transparency and ensuring compliance among stakeholders.
Mr. Omosehin emphasized the importance of the verification portal in enhancing the security and reliability of marine insurance policies. He noted that by providing real-time access to policy verification, the platform would serve as a deterrent to non-compliance and facilitate easier identification and addressing of gaps in insurance coverage.
The Commissioner for Insurance highlighted the longstanding challenge of non-compliance with marine insurance requirements in the maritime industry. He emphasized NAICOM’s focus on adopting technology-driven solutions to ensure that operators adhere to the relevant provisions of the law, particularly with respect to obtaining adequate insurance coverage for their vessels and cargo.
The meeting also addressed the enforcement of the insurance provisions under the Cabotage Act. Minister Adegboyega Oyetola acknowledged the need for stricter enforcement and expressed the Ministry’s willingness to collaborate with NAICOM in addressing compliance challenges through policy reforms and innovative regulatory mechanisms.
The marine insurance market in Nigeria has faced several challenges, including low levels of awareness among operators and weak enforcement of regulatory requirements. The partnership between NAICOM and the Ministry of Marine and Blue Economy is seen as a proactive step toward addressing these challenges and improving the overall state of marine insurance in Nigeria.
