NAICOM launched R3LAB to improve the regulatory effectiveness of African Insurance

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The National Insurance Commission has launched risk, resilience and regulatory lab (R3LAB) in other maximize the untapped potential of the African Insurance industry and exploring ways in which collaboration, technology and insurance supervisory capacity building is capable of not only mitigating the impact of specific challenges experienced in the regulatory environment but also improve the regulatory effectiveness of African insurance supervisory authorities.

Speaking at the launch of R3Lab in Lagos the Commissioner for Insurance, Thomas Olorundare Sunday says, The R3Lab offers a three-tiered approach towards creating an enabling regulatory environment and equipping the regulator with sound, proportionate and fit-for-purpose practices. This will enable NAICOM fully implement a scalable RBC Framework in Nigeria as well as to help it develop an innovation framework for NAICOM to fulfill its dual objectives of market development and policyholders’ protection.

“We are all aware of the evolving risks in the Africa economic space such as climate change, pandemics, digitalization, inadequate understanding and lack of confidence in the insurance sector and the need for new strategies to enhance the capabilities of African insurance supervisory authorities to effectively regulate and protect insurance policyholders. “He confirmed that the platform is the third joint-initiative that has been birthed through FSD Financial Sector Deepening Africa (Africa’s partnership with NAICOM.

“In recognition of this, NAICOM aims to achieve greater public trust and confidence in the insurance sector through “Innovation, Distribution and Effective/Efficient Service Delivery” which has been the cornerstone of our strategic focus and actions.”

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