The National Insurance Commission (NAICOM) is ready to do all that is necessary to fast-track the establishment of a regional Investment Guarantee and Re-Insurance company in Nigeria. The Commissioner for Insurance, Fola Daniel gave this assurance when a five-man delegation from the Europen Union and ECOWAS paid him a visit over the weekend.

The Investment Guarantee scheme is to guarantee all investment across the ECOWAS sub-region against political risk while the Re-Insurance scheme would function like the conventional ones.

The Investment Guarantee scheme would operate with risk capital as against the prescriptive capital with which the regular insurance companies operate.

The Insurance Commissioner noted that there exist a gap in this line of business in the sub-region and "we will be happy to provide the platform for this, he said.

He advised the team to come up quickly with the risk profiling of the business and "we will do all that is necessary to fast-track the process, he said.

The delegation in their presentation had pleaded for the Commission's assistance in the establishment of the institution.

By Chris Agabi

Daily Trust/13/02/2012