By JEFF ADE

The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin yesterday visited the Hon. Minister of Aviation and Aerospace Development, Mr. Festus Keyamo SAN. The essence of the visit was to brief the Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. Emphasis was laid on local content provisions of the law, global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of the country’s Gross Domestic Product (GDP), which tracks the summation of the value of economic activities during the year.

The Commissioner also highlighted the core functions of the Commission, which he defined as regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.

The Minister stated that he had been looking forward to the meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

Based on the clarifications provided by the Commissioner for Insurance, the Minister said that he would convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.

Also in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.

The Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in relevant laws to attract and retain credible relationships with international stakeholders.

•PHOTO: From left: the Commissioner for Insurance Mr. Olusegun Ayo Omosehin, the Hon. Minister of Aviation and Aerospace Mr. Festus Keyamo SAN, the Managing Director FAAN Mrs. Olubunmi Kuku and the Deputy Commissioner for Insurance (Technical) Dr. Usman Jankara Jimada

Update news