The Nigeria Social Insurance Trust Fund (NSITF) and the National Insurance Commission (NAICOM) have announced the formation of a 12-member joint committee designed to foster enhanced collaboration between the two entities.

The development was revealed during a visit by NAICOM’s National Commissioner for Insurance and Chief Executive Officer, Olusegun Omosehin, to the NSITF headquarters in Abuja.

According to a press statement by the fund’s General Manager, Corporate Affairs, Godson Nwachukwu, the newly established committee, led by Arc. Kabir Ma’aji, NSITF’s General Manager of Compliance and Mrs Oluwatoyin Charles, NAICOM’s Director of Supervision, is charged with creating a unified framework that will strengthen the synergy between both organisations for the benefit of all Nigerians.

As part of its responsibilities, the committee will leverage combined expertise to craft comprehensive policy frameworks aimed at improving both social and conventional insurance markets, work on aligning operational standards, particularly in compliance and oversight, with a goal to integrate the NSITF compliance certificate into NAICOM’s regulatory frameworks, collaborative data development and sharing will be encouraged, along with joint initiatives to enhance stakeholder education on the agencies’ services.

NSITF Managing Director, Oluwaseun Faleye, commended the collaborative effort, stating: “This partnership marks a pivotal moment for our sector. By aligning our strategic interests, we can significantly boost national productivity and operational efficiency.”

NAICOM CEO, Omosehin, emphasised the importance of this collaboration in consolidating the insurance sector’s contributions to the national economy. “Our goal is to amplify the sector’s impact through effective partnerships with key institutions,” Omosehin noted.

In related news, NSITF Executive Director of Operations, Honourable Mrs Mojisolaoluwa Ali-Macaulay, continued her tour of NSITF branches in Gwagwalada, Kagini and Jahi, pledging a renewed focus on overcoming the agency’s challenges.

She highlighted ongoing efforts in digitisation, staff welfare and operational improvements, asserting: “The era of transformation for NSITF has begun. We are committed to reforming the organisation in line with the President Bola Tinubu administration’s eight-point agenda.”

The collaborative move between NSITF and NAICOM is poised to redefine the insurance landscape in Nigeria, promising enhanced services and greater alignment in the sector’s regulatory and operational frameworks.

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