Oasis MD Hails New Insurance Policy

Joseph Ekeng

Tunde Oshadiya, managing director, Oasis Insurance has described a new policy of the National Insurance Commission (NAICOM), requiring half-yearly returns from insurance firms operating in the country.
Oshadiya expressed optimism that the new policy would impact positively on the overall development of the industry. He stated that the policy would encourage transparency and make practitioners sit up to their responsibilities since companies are now compelled to put in their annual report and all the details of outstanding.
There has been increased anxiety in the market as a result of the new policy and the resolve of the commission to enforce penalties on operators that fail to disclose issues of outstanding premiums.
The commission’s guidelines for 2009 gave companies up to twelve months to carry outstanding premiums in their books, after which period it must be written off as bad debt. But now, the tenure for outstanding premium has been reduced to six months, according to the commission’s guidelines for 2010.C