BY SAM OTUONYE
The National Insurance Commission (NAICOM) said it has commenced the process of registering the Nigeria Police Force (NPF) Insurance Company Limited after receiving application.
In a published document, the Commission said in fulfilment of the statutory provisions of extent laws for the registration/licensing of insurance companies, the general public is thereby informed that it has commenced the process of registering the company, whilst requesting members of the public to submit/report any objection or otherwise against the registration to it within 21 days from the date of the publication.
The NAICOM said the company was incorporated on December 24, 2020, with the address at Insurance Building Behind Louis Edet House, Force Headquarters Area 11 Garki, Abuja, FCT.
The Commission pointed out that the Managing Director/CEO of the firm is Oke Temitayo, while the Directors include: Adenaike Olufemi Adebowale AIG (Rtd); Oke Temitayo; Ekechukwu Mic; CP Sulaiman Muhammad; CSP Ameh Lydia; CSP Adedeji AdewoleJelius; Amore Olusola Emmanuel CP (Rtd); Rev Paul Odili Joshua; BalogunOlayinkaAbayomi; Akinwunmi Tunde Olufemi and Musa Ba’aba Ibrahim.
If the application is approved by NAICOM, the Nigeria Police is expected to pay N10 billion as the insurance regulator had raised insurance capital to N8 billion for life business; N10 billion for general business; N18 billion for composite, and N20 billion for reinsurance business.
Former Inspector General of Police, Usman Alkali Baba, first hinted the move to register the company in 2022, while declaring open, a 3-day workshop organised for Police Insurance Desk Officers drawn from all states commands and formation in Abuja.
He told his audience that the Nigeria Police Insurance Company (NPIC) is already at an advanced stage of incorporation by the National Insurance Commission (NAICOM), adding that it will further provide succour for police officers and their families in a bid to improve their wellbeing.
Alkali Baba said, “I recently approved the establishment and incorporation of the Nigeria Police Insurance Company (NPIC). Nigeria Police institution is the largest agency with the highest pool of insurable public servants in the country.
“It is therefore expedient that we leverage on this distinct reality towards ensuring that we mange our insurance policies and maximise the benefits drivable therein with less bureaucracy and in overriding welfare interest of our personnel who are constantly being exposed to occupational hazards.
“I am confident that when the operating licence is finally granted, the Insurance Section and policies of the Force will be further strengthened and bottlenecks associated with the management and processing of requisite dividends and other claims will be addressed on a sustainable bases.”
Alkali Baba, however, called on the former Commissioner for Insurance, Sunday Thomas, to support the strategic vision of the Force leadership by fast-tracking the incorporation process towards immediate take-off of the company.
Also, he assured all members of the force that the current efforts in place towards repositioning the Force Insurance Section, promises a better days ahead in terms of timely resolution of claims and benefits accruing to next-of-kin of injured or deceased police officers as well as other welfare schemes to serving members of the force.
The registration of NPF Insurance Company Limited was first announced in year 2022.