The Nigerian insurance and aviation regulatory bodies, the National Insurance Commission (NAICOM) and the Nigerian Civil Aviation Authority (NCAA), respectively, have joined forces to establish a joint technical committee dedicated to addressing aviation-related insurance matters. This collaborative initiative aims to strengthen the regulatory framework governing aviation insurance in Nigeria, ensuring both the protection of policyholders and the financial stability of the aviation sector. The committee’s formation underscores the commitment of both organizations to enhancing transparency, accountability, and efficiency within the Nigerian aviation industry.
This partnership arose from a meeting held at the NAICOM office in Abuja, where a delegation from the NCAA, led by Mrs. Dorcas Rominiyi, the Deputy General Manager for Financial Health and Aviation Insurance, met with NAICOM representatives. Dr. Usman Jankara, the Deputy Commissioner Technical, representing the Commissioner for Insurance/CEO of NAICOM, Mr. Olusegun Omosehin, emphasized NAICOM’s core mandate: regulating insurance business activities and safeguarding policyholder interests. The creation of the joint committee directly aligns with this mandate, promising improved oversight of aviation insurance practices and enhanced protection for policyholders within the aviation sector.
The joint committee’s mandate encompasses a wide range of responsibilities, demonstrating a comprehensive approach to aviation insurance oversight. A key focus is the verification of insurance certificates and other related documents for airline operators, their affiliated agencies, and NCAA service providers. This meticulous verification process aims to ensure compliance with mandatory insurance requirements and prevent instances of invalid or inadequate coverage. The committee will also provide technical support to the NCAA on insurance-related matters, acting as a crucial resource for navigating the complexities of aviation insurance. Further, the committee is tasked with resolving complaints lodged by airline operators regarding insurance coverage and services, acting as a mediator to ensure fair and timely resolution of disputes.
Beyond these core functions, the committee’s responsibilities extend to broader industry engagement and knowledge sharing. They will advise the NCAA on all aviation insurance matters, ensuring alignment between insurance practices and the overall regulatory framework. Facilitating training programs, workshops, and awareness campaigns for NCAA, NAICOM, and stakeholders will promote a deeper understanding of aviation insurance principles and best practices. This proactive approach to education aims to elevate industry standards and foster a culture of compliance. Collaboration and regular communication between both organizations will be ensured through periodic meetings, ensuring ongoing dialogue and coordinated action.
A crucial aspect of the committee’s mandate involves the periodic review of minimum insurance cover requirements for all stakeholders in the aviation sector. This dynamic approach to regulation allows for adjustments to insurance mandates, ensuring they remain relevant and adequate in the face of evolving risks and industry dynamics. The committee will also engage in regular meetings with airline operators and insurance providers, fostering open communication and collaboration between key players in the aviation insurance ecosystem. This proactive engagement facilitates informed decision-making and creates a platform for addressing emerging challenges collectively.
The collaborative approach adopted by NAICOM and NCAA reflects a proactive stance on risk management within the aviation sector. By working together, these regulatory bodies aim to enhance the transparency and effectiveness of aviation insurance practices in Nigeria. The joint committee’s establishment signifies a significant step towards building a more robust and resilient aviation industry, one where the interests of policyholders and the financial health of operators are effectively protected. This partnership aims to instill greater confidence in the Nigerian aviation sector, both domestically and internationally, by demonstrating a commitment to best practices and regulatory excellence. The joint committee’s comprehensive mandate and collaborative approach provide a solid foundation for building a more secure and sustainable future for Nigerian aviation.
