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Home News Business & Economy

Include insurance for public buildings in Federal, States’ annual budgets – NAICOM

Bassey Udo by Bassey Udo
November 17, 2023
in Business & Economy, News
0
Include insurance for public buildings in Federal, States’ annual budgets – NAICOM

Federal and State governments must make provisions in their annual budgets for compulsory insurance cover for public buildings and other assets under construction, the insurance sector regulator, the National Insurance Commission (NAICOM), has said.

The Commissioner For Insurance and Chief Executive Officer of NAICOM, Sunday Thomas, said these categories of insurance should be made compulsory by extant insurance laws for all to comply with.

The NAICOM Commissioner, said Section 64 of the Insurance Act 2003 made it mandatory for individuals, governments and corporate organisations undertaking the construction of any building above two floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in the country.

Also, he said Section 65 of the Insurance Act 2003 also made it compulsory for all public buildings in the country to be insured, adding that this was to protect innocent victims in the events of accidents and other disasters that may occur while they were within such premises.

Thomas spoke on Friday at the 12th meeting of the National Council of Lands, Housing and Urban Development in Kaduna State. 

Participants at the session include the Minister of Housing and Urban Development, Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Aminu Tambuwal; Chairman, House Committee on Housing and Habitat,Balele Aminu and Chairman, House of Representatives Committee on Urban Development and Regional Planning, Abiante Awaji, The Permamnent Secretary, Federal Minstry of Works and Housing, Mahmuda Mamman;  Commissioners, Permanent Secretaries, Directors of Lands and Housing from the 36 States of the Federation; Managing Director of Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, Shelter Afrique, etc.

Urging the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states, Thomas listed some of the benefits from compliance with these compulsory insurances to the Federal and State Governments to include reduction in the Federal and State Government expenditure in event of disaster that may affect citizens by shifting the burden to the risk-bearers (Insurance Companies), as restoration would not be settled from tax payer’s money. 

Other benefits include creation of employment opportunities for citizens of the States, LGCs from and creation of opportunity for enhancing the Internally Generated Revenue (IGR) of the respective states, amongst others.

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Bassey Udo

Bassey Udo

Bassey Udo is a Journalist, Communication & Media Practitioner PERSONAL DETAILS DATE OF BIRTH: March 3, 1965 GENDER: Male NATIONALITY: Nigerian GSM: +234 802 313 7335; 07032308000 EMAIL: bassey.udo@gmail.com CONTACT ADDRESS: Plot 743 Coral Park Street, Lugbe CRD, Abuja, FCT 900128 A multiple award winning investigative reporter with specialised interest in Business & Economy, Energy & Power, Oil, Gas, Mining & Extractive Industry, Environment & Climate Change, etc. at various times for some of Nigeria’s elite newspapers and magazines, including Post Express, NewsAfrica magazine, Independent, 234NEXT and Premium Times. A member of the Nigerian Guild of Editors (NGE), Nigeria Union of Journalists (NUJ), Nigerian Institute of Public Relations (NIPR) and Society of International Law & Diplomacy (SILD). He is also a distinguished Alumnus of the U.S. International Visitors Leadership Programme (IVLP) 2017.

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