The National Insurance commission NAICOM has unveiled the Revised Regulation on Insurance of Leased and Financed Aircrafts in order to
promote a stable and sustainable aviation insurance market and a testament to president Tinubu’s administration’s commitment to creating an enabling environment that fosters growth, investment, and development in Nigeria.
Speaking at the event, National Insurance Commission, Olusegun Ayo Omosehin says the event signals the beginning of a revolution in the aviation sector. A turning point in aviation leasing and financing to Nigerian Aviation operators.
“This is clearly in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu in ensuring the Ease of Doing Business and Access to Capital. This revised regulation, which is a product of several rigorous stakeholders’ engagements and collaborations with key players across the aviation and insurance sectors, including financiers and lessors, is issued in fulfilment of the desire of this administration to create the necessary enabling environment for businesses to flourish”.
“In this regard, the National Insurance Commission (NAICOM) in collaboration with the Hon. Minister of Aviation and Aerospace Development, Festus Keyamo, SAN has chosen a path that strikes a balance between facilitating insurance business operations and enhancing infrastructural development. We have created a framework that promotes certainty, stability, predictability and confidence in aircrafts financing and the required protection for those huge assets through a carefully designed national mechanisms”.
“This revised regulation is a key outcome of President Bola Ahmed Tinubu’s administration reform efforts, and we believe it marks a new era in insurance regulation for leased and financed aircrafts in Nigeria. By providing clarity and certainty, we are sending a strong signal to investors and operators that Nigeria is open for business and committed to creating a conducive environment for growth in the aviation sector”.
“The Nigerian insurance industry is adequately regulated, and the Commission enforces Prudential requirements that ensures sound underwriting. Also, liberalization of requirements for leased and financed aircrafts is to further assure the international market that the Aviation market in Nigeria exhibits growing capacity with significant increase in market exposure and support for healthy spreading of risks”.
“As we launch this revised regulation, the National Insurance Commission is committed to an enabling environment that will consistently enhance increased capacity of the Insurance Institutions both financially and technically”.
