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Posts matching Insurance

Guidelines for Microinsurance Operations in Nigeria

2016-12-20 12:12 PM | by Nigeria Compliancehub

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

2016-12-20 12:33 PM | by Nigeria Compliancehub

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

2016-12-20 4:57 PM | by Nigeria Compliancehub

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

Insurance Act

2016-12-20 6:15 PM | by Nigeria Compliancehub

This Act applies to all insurance business and insurers, other than insurance business carried on or by insurers of the following description- (a) a friendly society that is an association of persons established with no share for the purposes of aiding its members or their dependants where… Read more

Pension Reform Act

2016-12-20 6:51 PM | by Nigeria Compliancehub

This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria.
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Guidelines on Insurance Premium Collection and Remittance

2016-12-21 12:16 PM | by Nigeria Compliancehub

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 Sections

2016-12-21 12:40 PM | by Nigeria Compliancehub

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.
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Regulation on Annuity

2016-12-21 4:12 PM | by Nigeria Compliancehub

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

Guidelines on Life insurance Policy for Employees

2016-12-21 7:52 PM | by Nigeria Compliancehub

For the purpose of establishing uniform set of rules, guidelines and standards in relation to the application of the provisions of Section 9 (3). The Guideline states the minimum requirement, the eligibility of Insurance company, policy coverage, document requirement, operational terms, settlement of claims for life insurance  for… Read more

Insurance Act (Amendment) Bill, 2016

2017-01-05 11:56 AM | by Nigeria Compliancehub

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.
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