THE ROLE OF NATIONAL INSURANCE COMMISSION TOWARDS INSURANCE PENETRATION TO THE GRASSROOT
aBSTRACT
The purpose of this project is to analyze the role of the National Insurance Commission in dependent insurance benefits among the large population of Nigeria. This can be achieved through the use of supervisory capabilities and innovative tools such as MOR, microinsurance, Islamic complaints insurance and agricultural insurance to address the majority of Nigerians living in rural areas. Many of the issues encountered in the course of our research are intended to be resolved through recommendations that ensure adequate coverage of the limits. The type of research method used is the primary source of data collection
chapter One
1.0 Introduction
The National Insurance Commission is the body that ensures the effective management, supervision, regulation and administration of the insurance industry in Nigeria.
The National Insurance Commission (NAICON) under the competent supervision of Mr. Fora Daniel is in control of the situation. Industry is poised to take advantage of the continuous plunder and corruption that permeates our economic climate, rendering the values that make society possible meaningless. The Insurance Consumers Association of Nigeria (INSCAN), an NGO led by Major General Isaac Areola, protects insurance consumers in Nigeria from unfair practices by insurance companies.
Insurers therefore need to step up their game. Sales services such as B. Expedited payment/claim resolution and effective mediation models. We also develop eco-friendly products based on market research and ensure effective marketing to appeal to customers at the grassroots level. The essence of effective insurance protection is prompt payment of claims. Insurance operators need to take claims management seriously to ensure adequate insurance penetration at the grassroots level. Insurance Commissioner Fora Daniel explains that the easiest way to get the public to love an insurance company is to pay claims quickly to those who already have insurance. “If you tell a friend that his insurance company didn’t pay him after he suffered a loss, that one complaint could deter more than 20 people from taking out insurance in the future. “I have the best instruments that I worked hard on. The Commissioner, referring to insurance awareness and instilling its paramount importance, said NACCOM will continue to ensure operators meet their liability for damage, the Commission has received 86 damage complaints, Of those, 52 were valued at 1 billion and 2 billion, and 34 were resolved, he added. court. He read a “riot act” where the ax would be imposed on operators who consistently failed to quickly settle claims that were dismissed by losing their licences. The insurance company was entrusted with managing the claims. Consistent with this, grassroots people will be able to accept insurance and standardize insurance practices.
Furthermore, the weak legal framework for regulation and supervision of the insurance industry in Nigeria is due to low public awareness of the insurance industry. Low level of public awareness. High political, economic and financial systemic risk. Unpaid premiums and investment losses due to declining insurance penetration.
Furthermore, many companies are set up in urban areas and many Nigerians live in rural areas without knowing what insurance is and forget that they are willing to purchase insurance if it is well explained. According to Fola Daniel, within a year the insurance market will grow and penetrate insurance at the grassroots level.
1.1 Research background
The insurance industry in Nigeria has reached maturity and the emergence of the industry in 1921 has transformed it. Insurance Companies Act 1961, Insurance (Other Provisions) Act 1964, Companies Act 1968, Insurance Act No. 59 of 1976, Insurance Act No. 58 of 1991 and Insurance Act 1997. From the 2nd issue, the current Insurance Act 2003 evolves. Changes after calls for further consolidation were escalated to national insurance regulators. Chief Oladipo, who became the first Insurance Commissioner when the National Insurance Commission was established by Decree No. 1 of 1997; He was later replaced by Burr. Emmanuel Chukwulozie and his incumbent Fola Daniel. 1.2 Purpose of the survey
Below are the research objectives.
1. Explore the role of the National Insurance Commission in grassroots insurance diffusion.
2. Highlight the strategies and pathways used by the National Insurance Commission to bring insurance to the grassroots.
3. We know how insurance growth can contribute to a country’s GDP.
1.3 Problem definition
Most of the problems faced by the Commission in carrying out effective management of the insurance industry in Nigeria include an inexperienced management team, lack of funds to carry out the Commission’s duties.
1.4 Research question
1. Has the National Insurance Commission contributed to the growth of the insurance industry in Nigeria?
2. Do fee levels affect industry performance?
3. What is the role of the Commissioner in Nigeria?
4. Efforts made by the European Commission to bring insurance to the grassroots.
5 What has the Commission achieved domestically so far? 1.5 Research hypothesis
E:
NACCOM’s significant contribution to the growth of the Nigerian industry.
Hi:
NACCOM’s failure to contribute to the growth of the Nigerian industry
Ho:
The functions of the committee are fully fulfilled.
Hi:
Inadequate functioning of the committee.
1.6 Importance of research
The meaning is as follows
1. To educate the readers of this project on the role of the National Insurance Commission and the methods and strategies used to penetrate insurance at the grassroots level. 2. To inform the Commission of various ways to maintain strong control.
1.7 Scope of investigation
This study focuses exclusively on the National Insurance Commission’s Zone Office in Enugu, Nigeria, and highlights the role they play in insurance penetration. Analysis and conclusions are based on data provided by the Commission.
1.8 Research Limitations
Several factors hindered the smooth conduct and execution of this study. Specifically:
– Difficulty in obtaining relevant information about the committee. – Due to the lack of fuel, high transportation costs restrict researchers from traveling to different locations where they can obtain the information they need for their research.
– Finance and
1.9 Definition of terms
A) National Insurance Commission:
It is an entity that ensures efficient administration, supervision, regulation and management of insurance business in Nigeria.
B) Cooperative:
This is an insurance company established under a decree or law on cooperatives. Covers cannot be provided to non-members. It is based on the cooperative principles of democracy, equality, religious and political neutrality, patronage and open membership.
C) Insurance Brokers:
They are experts in the insurance field and have a higher duty of care to their clients. They are called insured representatives.
D) Insurance Agents:
They connect insurers and insureds in the insurance market. They are not professionals or professionals. They are called insurance company representatives, bring business to insurance companies and advise them on market conditions.
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