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
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
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
The Nigerian Insurance Industry shall operate on a good corporate governance framework which promotes transparent and efficient markets, and clearly articulates the division of responsibilities among different stakeholders in the industry.
By this Code, Corporate Governance refers to the manner in which companies… Read more
National Insurance Commission (Anti Money Laundering and Countering the Finance of Terrorism) Regulations, 2013.
The objective of these Regulations is to promote, change and ensure compliance with subsusting legislations on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) by the Insurance Industry in Nigeria.
These Regulations shall apply to all insurance instutitions in Nigeria including… Read more
This regulation is jointly issued by the National Insurance Commission and the National Pension Commission for the purpose of given effect to the provision of Pension Reform Act (PRA) 2004 as it relate to Life Annuity.
This Regulation specifies the modalities for the… Read more
This is a Bill for an Act to amend the Insurance Act 2003, to set minimum limit of compensation in the event of death, injury or loss of property of third parties with respect to insurance of public buildings and buildings under construction and for related matters.Read more
Annuity Funds have risen to N170 billion from about N145 billion it recorded in June 2016, with over 34,312 annuitants now subscribing to the scheme, LEADERSHIP findings have revealed.
This is coming just as the National Pension Commission (PenCom) has given approval to nine of the 26 life insurance companies to… Read more
Concerns that the various anti-corruption agencies are at loggerheads have been severally denied by the agencies concerned. But the perceived loss of steam in the anti-graft war, and recent events between the Attorney General of the Federation (AGF), Abubakar Malami (SAN) and the chairman of the Economic and Financial Crimes… Read more
Stakeholders in the pension industry have taken up arms against the House of Representatives over ongoing attempts at amending the Pension Reform Act, PRA, less than three years after it was amended in 2014. Specifically, they are kicking against the plan to exclude paramilitary institutions from the Contributory Pension Scheme,… Read more
The Federal Government through the Financial Reporting Council of Nigeria (FRCN) said it is revisiting the suspended harmonised code of corporate governance and to come up with an exposure draft of the framework for discussion within the next six months.
The FRCN in line with the directive… Read more