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NAICOM set to review MDRI programmePosted: 12 years ago |
The National Insurance Commission (NAICOM) has concluded plans to review the Market Development and Restructuring Initiative (MDRI) which was designed to enhance the industry's growth. This was disclosed by the Commissioner for Insurance Mr Fola Daniel. Mr Daniel disclosed that NAICOM will next year review the operational guidelines of the initiative to align it for better performance. The NAICOM boss who also said that the review is one of the commission's programme for the new year however declined to give the time table for the review and when the expected guidelines would be released. The review, he said, has become necessary due to the failure of the industry to achieve some of its projections in the first phase where a target of N1 trillion premium income could not be achieved. According to Chief Yemi Soladoye, If implementation started in 2011, it will be a case of shifting the deliverables forward base on the difference on the ground between the strategy crafting and the implementation. The initiative is remarkable in the history of the industry and it is also an evergreen thing." He however noted that the initiative cannot be wished away, as it has brought about many developments, adding that efforts by NAICOM to reposition the industry through micro-insurance, Takaful and more are strategic plans stated in the MDRI document. |
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Review Programme Commission Development Initiatives Restructuring Income Industry Insurance Projection Micro-Insurance |
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