Guideline for Developing a Risk Management Framework for Insurers and Reinsurers in Nigeria
NAICOM within its powers has released a guideline mandating all insurers and reinsurers shall establish and maintain a Risk Management Framework a risk management framework is the totality of systems, structures, policies, processes and people within the company by which the company identifies, assesses, mitigates and monitors…
Read more
Guidelines for Microinsurance Operations in Nigeria
In exercise of the powers conferred by section 7 of the National Insurance Commission Act 1997, the
National Insurance Commission (hereinafter referred to as the Commission) hereby establishes uniform
set of rules, regulations and standards for conduct of Microinsurance business in Nigeria.
This Guidelines shall take effect from 1st January, 2014
The main objectives…
Read more
Guidelines for Oil and Gas Insurance Business
The National Insurance Commission has the primary responsibility for regulating insurance business in Nigeria and is collaborating with the Nigerian Content Development and Monitoring Board (NCDMB) to ensure compliance with relevant provisions of the Nigeria Oil & Gas Industry Content Development Act 2010 and other laws relating to insurance.
This Guideline…
Read more
Insurance Premium Collection and Remittance
The regulatory body (NAICOM) has developed a guideline on premium collection and remittance as a result of growing challenges arising from huge levels of outstanding premium reported in the financial statement of insurance companies has prompted the need for this guideline Read more
Naicom Insurers and Reinsurers Sections
The guideline describes how annual returns are filed and the timing for the filing Read more
Guidelines on Insurance Premium Collection and Remittance
In order to protect of the policy holder and other stakeholder from the negative consequence of the existing practice, insurance operators are required to comply with the Guidelines on Insurance premium collection and remittance. These Guidelines state the rule and procedure which Insurance operators must comply with when…
Read more
Operational Guidelines for Takaful Operators 2013
The Guidelines outline and clarify the framework within which Takaful Insurance Operators are to carry out Takaful Insurance business.
Read more
Operational Guidelines Sections
The Guidelines set out the business practice that would be followed by Insurance Intermediaries, in order to strengthen the operational standards within the Insurance Industry; improve on the quality of performance of Insurance Intermediaries; and ensure the institutionalization of effective corporate governance structure for the Insurance Intermediaries.
Read more