Insurance: Fashola Vows To Lead Campaign For Compliance To 2010 Federal Workmen’s Compensation Act | Independent Newspapers Limited
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Insurance: Fashola Vows To Lead Campaign For Compliance To 2010 Federal Workmen’s Compensation Act

New Tariff, power sector; FMBN; Mass housing
Posted: Jul 13, 2016 at 3:33 pm   /   by   /   comments (0)

Babatunde Fashola SAN,  Minister of Power Works and Housing, has  vowed to lead the campaign for compliance with the 2010 Federal Workmens’ Compensation Act by government contractors to ensure protection of their workers as this would encourage commitment and dedication among the workers.

The 2010 Federal Workmen’s Compensation Act, which repealed and replaced the 2004 legislation, makes provision for insurance cover for workmen in respect of occupational disease(s) (arising out of exposure to risk factors), injuries from accidents at the workplace or in the course of employment.

Fashola, who was Guest Speaker at Session Four of this year’s National Insurance Conference in Abuja, on Tuesday , spoke on the “Expected Role of Insurance in Infrastructural development” as part of the overall theme of “Expanding National Resources and Infrastructure in Challenging Times”, said he would use his position as Minister of Power, Works and Housing, to insist that all the state Controllers of Works in the country take steps to demand and ensure that all government contractors provide proof of compliance with the Law.

He told the distinguished audience at the Congress Hall of the Transcorp Hilton, “In my current role as minister, I can only offer now that I will be using this platform to insist that all our state Controllers should take steps from today to demand and ensure that all our contractors provide proof of compliance with this Law, by taking out insurance policy for their workers and I will do my best to ensure compliance and protection for Nigerian workers”.

The Minister, who wondered how many of the various government  contractors or private companies have such policies, added, “It seems to me that insurance practitioners have a role to play here, by designing policies that are appropriately priced and by promptly responding to claims in order to boost confidence in the business of insurance”.

Speaking on the topic, “Expected Role of insurance in Infrastructural Development”, the Minister said there was need for the practitioners to be more innovative, entrepreneurial and embracing of the diverse needs of the country’s “big and promising economy”.

According to him, the role of insurance practitioners goes beyond providing performance bonds given to ensure that contractors discharged their responsibility; to embracing health insurance that guaranteed access to the healthcare facility that was built as well as housing programmes, which according to him, would provide “a potential market of opportunities by way of performance bonds and mortgage insurance policies as a start”.

Fashola said the time was ripe for insurance practitioners to lead the change they would wish to see in the industry, pointing out that healthcare infrastructure such as hospitals were only the beginning of the more important health insurance that guaranteed access to the already built healthcare facility.

Urging practitioners to see the possibilities in insuring schools, government buildings, roads and bridges as frontiers for deepening insurance practice, Fashola said there is also provision for compulsory insurance of existing buildings, which he pointed out, would help to curtail the incidence of building collapse if it cannot totally eliminate them.

On how the insurance industry could act as a change agent in the current efforts to rebuild the economy, Fashola reminded the practitioners that insurance was a component and important part of the finance subsector. He however, expressed regrets that the industry “has probably played a second role to banking, and without intending to be judgmental has not optimized the opportunities for growth, expansion and inclusion”.