Mr Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.
The commission said that any third-party motor insurance policy issued by NCIS or its affiliate was illegal.
He emphasised the importance of the collaboration in mitigating risks associated with electrical accidents.
NAICOM said insurance companies are expected to comply with the new requirements to ensure a stable and secure annuity business
Statistics from the National Insurance Commission (NAICOM) say the insurance industry recorded N3.877 billion in total assets in the third quarter of 2024.
She said the NAICOM boss tasked the insurance companies’ executives to defend the industry through payment of genuine claims, which is integral.
The commission said the company’s state had for some time created uncertainty over claims settlement.
The commission stated that the portal offers a streamlined and user-friendly platform.
NAICOM said that the figure indicated a progressive trend of positive market performance.
Mr Okwor was NAICOM’s commissioner for insurance from 1992 to 1996.
