The Infrastructure Concession Regulatory Commission (ICRC) in collaboration with the National Insurance Commission (NAICOM) will next year introduce guidelines that will require concessionaires of government assets under Public Private Partnership (PPP) arrangements to procure insurance covers.
The guidelines which will be released by the first quarter of 2025, was the highlight of agreement reached by the two commissions when the Commissioner for Insurance of NAICOM, Olusegun Omosehin, led a management delegation on a visit to the Director-General of the ICRC, Jobson Ewalefoh, in Abuja, on Monday.
According to a statement by the ICRC, the DG said that strategic assets of the Federal Government must be insured, adding that insurance of PPP assets was not optional but mandatory as stipulated in Section 7(2)a of the ICRC Act (2005) which provides, “the project proponent or contractor shall undertake appropriate insurance policy on the concession with an insurance company approved by the National Insurance Commission.
“So, we have to ensure that the concessionaires obtain the appropriate insurance policy that they are required by law to undertake in line with the value of the asset.”
