April 1, 2020 (NAN) National Insurance Commission (NAICOM) has granted some regulatory forbearance, as part of business continuity measures to ensure availability of insurance services and protection of insurance policy holders during the COVID-19 movement restriction.
This is contained in a circular issued by the commission on Wednesday in Lagos.
The circular , dated April 1, with the reference No:NAICOM/ DPR /CIR/29/2020, titled :Re: Effect Of COVID-19 On Insurance Operations, was signed by Mr Pius Agboola, Director, Policy and Regulation, for the Acting Commissioner for Insurance.
Agboola said the forbearance is in furtherance to earlier circulars on the above subject matter, referenced : NAICOM/DPR/CIR/27/2020 and NAICOM/DPR/CIR/28/2020, dated March 24 and 27 respectively.
He explained that all post placement reports, Reinsurance treaties and other related special risk foreign reinsurance documentations due for submission during the pendency of the COVID-19 restrictions were to be submitted when movement restrictions were lifted.
The director said where Approval-In-Principle for the preceding insurance period had been granted, all renewals or extensions of the foreign reinsurance proportions that became due during COVID-19 movement restriction were permitted for renewal on existing basis.
” Where Approval-In-Principle for the foreign proportion of a new insurance placement is required during the COVID-19 movement restriction, it shall be treated on the basis of “Use and File” subject to prior exhaustion of in-country capacity.
“For the avoidance of doubt, after utilising available local capacity, the lead insurer is permitted to reinsure the excess of the risk offshore and submit relevant documentations to the commission thereafter,” he said.
Agboola said that all insurance and reinsurance placements shall be done in accordance with other relevant extant insurance laws, regulations and guidelines.
According to him, all submissions to the commission, including hard copies sequel to the above forbearance, shall be done not later than seven days from the end of COVID-19 movement restrictions.
He urged all to be diligent, circumspect and supportive of government in its efforts to tame the COVID-19 panndemic . (NAN)
2020 Builders Day: Practitioners stage walk against building collapse in Lagos
Building
By Rukayat Adeyemi /Grace Alegba
Lagos, March 13, 2020 (NAN) Scores of building practitioners on Friday staged a walk in Lagos State to demand for an urgent intervention from States and Federal Government to end the menace of building collapse in Nigeria.
The News Agency of Nigeria (NAN) reports that the walk was to commemorate the 2020 maiden Builders Day organised by the Nigerian Institute of Building (NIOB) across the Federation.
The walk began with a visit to the 63, Massey Street, Ita- Faaji building collapse site for prayers and laying of wreaths in remembrance of children and adults who lost their lives in the March 13, 2019 incident.
The Builders proceeded to Ikeja Local Government Secretariat and walked to the state House of Assembly Complex and Ndubusi Kanu Park, Alausa, Ikeja for public enlightenment and advocacy .
Those that took part, including manufacturers of building materials, building artisans and professionals, were seen carrying placards with inscriptions such as: “Obey The Law, Engage Registered Builders,’ “Builders Are Specialists , We Are Builders”.
Some others read “We Build The Nation”, “Building Collapse is Man – made, Stop it”, “Builders Are Building Production Managers”.
In his address, Mr Kunle Awobodu, President, NIOB, said that the Builders Day had been earmarked by the institute to hold on March 13 nationwide annually.
Awobodu said this was to commiserate with the bereaved families on the demise of the school children and occupants of the five-storey Ita-Faaji, Lagos Island building which collapsed.
“The premature death of school children in a building that was constructed by quacks (developers) and had been showing visible signs of distress revealed a negligence that could not be excused by the government.
“The Builders’ Day in Nigeria is for the promotion of standard building construction that should add value to the dreams of prospective homeowners.
“A day for well meaning Nigerians to all say ‘No To Building Collapse’.
“From the fear of building collapse emerges the hope of a result -oriented building control that will correct the mistakes of the past and prevent further construction of substandard buildings ,” he said.
According to him, frequent building failure in a nation due, majorly, to quackery is an abnormality that should not be allowed to continue in a sane society where the rule of law prevails.
Awobodu said the construction of buildings to standard in Nigeria is the demand of the practitioners from the government.
He explained that to forestall poor production of buildings on sites, the Nigerian Government took some proactive measures by enacting into law, the Builders Act through Decree 45 of 1989, now CAP 23 LFN 2004.
The NIOB president said the essence of the Act, among other appropriation in place, is to ensure that trained and licensed builders solely manage the production of buildings on sites in order to ascertain quality output.
He questioned why the nation was still plagued with the sordid crisis of building collapse that continues to injure and kill innocent people .
Awobodu said this is to the detriment of national development and Nigeria’s I nternational image, despite the appropriate and commendable system already in place by the government.
He urged the Federal Government to emulate the approach adopted by the Lagos State Government in its new building regulation with commitment and enforcement across the country in line with global best practices .
“Importantly, the government should be reminded of the fundamental relevance of building to its citizenry.
“Out of three basic needs of man, that is, food, clothing and shelter, shelter or building is the one that can stand the test of time – building is the most durable, and hence, it is cherished by the citizens as the bequest for the unborn.
“With the aspiration most Nigerians nurse to have their own buildings, the Nigerian government should assist them to ensure that they do not fall victims of the preying quacks, also, impostors that are currently superintending where they lack competence and thereby turning shelter into grave,” he said.
Awobodu charged Mr Babatunde Fashola , Minister, Works and Housing, not to relent in his effort at overcoming the stumbling blocks that had been delaying the use of the National Building Code in Nigeria .
He also urged the executive, legislative and judicial arms of the government to endeavour, without further delay, to make the National Building Code operational at every locality of the federation.
Mr Adesina Aladeloba, Head, Department of Building Technology, Yaba College of Technology, stressed the need for professionals to redouble thier efforts in the fight against construction failures, as according to him, government cannot do it alone.
Aladeloba called on Nigerians to engage building professionals to get value for thier money to stop wastage from building collapse and loss of lives.
Also, Mr Sunday Wusu, Chairman, NIOB, Lagos Chapter, urged builders to be bold in the fight against quackery and corruption in the building industry.
Wusu expressed joy that members of NIOB had never been involved in any project that collapsed. (NAN)
