Ekiti State Governor, Dr. Kayode Fayemi is set to domesticate compulsory insurances to ameliorate the condition of accidents or disasters’ victims.
He said the enforcement of compulsory insurances would help create more source of internally generated revenue (IGR) for state.
The governor made the pledge when the National Insurance Commission’s (NAICOM) officials visited him to seek his collaboration in the enforcement of compulsory insurances.
Fayemi advised the insurance sector to be flexible in creating new products that would align more to the country’s environment.
He said the state was taking insurance seriously but could still do more while assuring the commission that the state would work with it.
“We may need to invite you to meet with the 36 state governors to apprise them of your initiatives.
“We have taken note of the benefits inherent in these compulsory insurances and we are always desirous to collaborate,’’ Fayemi said.
The Commissioner for Insurance, Sunday Thomas, said the Commission has embarked on a national public enlightenment on compliance with the laws on compulsory insurances, but chose to begin with Fayemi, who is also the Chairman of the Nigerian Governors’ Forum.
Thomas said the structure which would be created by the government would be supported by the commission.
He listed some of the relevant mandatory insurance to include group life insurance for all employees of both public and private sectors and insurance for all buildings under construction more than two floors – builders’ liability.
Others are all public buildings including schools, offices, hotels, hospitals, markets (occupiers’ liability), professional indemnity for all medical practitioners and third-party motor vehicle insurance.
“Over the years, the commission has embarked on series of programmes aimed at a nationwide massive public enlightenment with respect to compliance with the laws on compulsory insurances.
“In consequence of the losses, the victims are prone to sufferings which in many cases may lead to total impoverishment.
“The objectives of protecting third parties and relieving the government of the avoidable burden of compensation from the meagre wallet of the government led to the enactment of various laws on compulsory insurance products.
“It is on the strength of the above that the commission is seeking collaboration with the state government in the enforcement of the above