NAICOM and NCAA Launch Joint Committee to Strengthen Aviation Insurance Oversight
In a significant move to fortify regulatory oversight and improve insurance compliance in Nigeria’s aviation sector, the National Insurance Commission (NAICOM) and the Nigerian Civil Aviation Authority (NCAA) have inaugurated a joint technical committee.
The committee was formally launched on Wednesday at NAICOM’s headquarters in Abuja during a visit by an NCAA delegation led by Mrs. Dorcas Rominiyi, Deputy General Manager of Financial Health & Aviation Insurance.
Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, was represented at the event by Dr. Usman Jankara, Deputy Commissioner Technical. Omosehin reiterated NAICOM’s mandate to regulate the insurance industry and protect the interests of policyholders.
In a statement, NAICOM highlighted that the committee’s establishment underscores its commitment to ensuring the integrity of insurance practices within the aviation sector.
A Framework for Collaboration
The terms of reference for the committee are comprehensive, reflecting the broad scope of the partnership. Key objectives include verifying insurance certificates and other related documents for airline operators and their affiliates, providing technical support to NCAA on insurance matters, and resolving complaints from airline operators regarding insurance covers and services.
The committee is also tasked with offering strategic advice on the adequacy and validity of aviation insurance, facilitating training and awareness programmes for stakeholders, and conducting periodic reviews of minimum insurance coverage requirements. These reviews aim to ensure that operators and service providers in the aviation sector maintain adequate insurance for their operations.
Periodic meetings involving airline operators, insurance providers, and both regulatory bodies will serve as a forum to address emerging issues, strengthen collaboration, and uphold industry standards.
Commitment to Excellence
Mrs. Rominiyi, speaking on behalf of the NCAA delegation, pledged her team’s dedication to achieving the committee’s objectives. “We are fully committed to ensuring that every measure is taken to realise the goals of this collaboration,” she said.
The collaboration comes at a time when Nigeria’s aviation sector is navigating complex challenges, including financial sustainability, compliance with international standards, and the need for enhanced consumer protection. The joint effort between NAICOM and NCAA aims to bridge regulatory gaps and foster a safer, more reliable aviation ecosystem.
As both agencies embark on this partnership, industry stakeholders and policyholders alike will be watching closely to see how effectively this initiative addresses long-standing issues in aviation insurance.
