Naicom moves to enforce compulsory insurance of public buildings

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NAICOM Moves to Enforce Compulsory Insurance of Public Buildings

The National Insurance Commission (NAICOM) has announced plans to enforce the compulsory insurance of public buildings in Nigeria. This move is aimed at reducing the risk of damage to public buildings and ensuring that the government and individuals are adequately protected against losses.

According to NAICOM, the compulsory insurance of public buildings is a regulatory requirement under the Insurance Act 2003, which mandates all public buildings to be insured against damage or destruction. The commission has given public building owners and occupiers a deadline to comply with the regulation.

The enforcement of the compulsory insurance of public buildings is expected to have several benefits, including:

  1. Reduced risk of damage: Compulsory insurance will encourage public building owners and occupiers to take proactive measures to prevent damage to their properties.
  2. Financial protection: Insurance will provide financial protection to the government and individuals against losses arising from damage or destruction of public buildings.
  3. Economic growth: The compulsory insurance of public buildings will promote economic growth by encouraging investment in the construction and maintenance of public buildings.

NAICOM has also warned that failure to comply with the regulation will attract penalties, including fines and imprisonment.

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