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Posts matching Naicom

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

Circular on Harmonized returns

2016-12-22 4:04 AM | by Nigeria Compliancehub

This Circular was issued by Commission to further its determination to enthrone regulatory clarity particularly with respect to regulatory returns requirement and to harmonise the process of obtaining various return from Insurance Institutions.
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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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Insurance industry records 12 acquisitions in 3yrs— NAICOM

2017-07-31 11:44 AM | by Nigeria Compliancehub

NATIONAL Insurance Commission (NAICOM) said that 12 insurance companies were acquired in  the last three years.
Commissioner for Insurance, Alhaji Mohammed Kari, who made the disclosure in Abuja, said that  there were three foreign acquisitions in 2014, two in 2015, five in 2016 while  talks to acquire two companies are now… Read more

Annuity Funds Hit N170bn As 9 Insurers Resume Business

2017-08-04 1:01 PM | by Nigeria Compliancehub

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

Nigeria: Is Inter-Agency Fighting Derailing Anti-Graft War?

2017-08-30 11:09 AM | by Nigeria Compliancehub

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

NAICOM introduces four operational guidelines

2017-09-26 12:35 PM | by Nigeria Compliancehub

The National Insurance Commission has introduced four different forms of operation guidelines in the insurance sector.

They are the Web Aggregators Operational guidelines; State Government’s Implementation of Compulsory Insurance (or State Financial Advisers) guidelines; Independent Agents Operational guidelines; and the Mutual Organisations, Associations, Community Based, Micro guidelines.

The Commissioner for Insurance, Alhaji… Read more

Reps under fire over Pension Act amendment

2017-10-04 1:00 PM | by Nigeria Compliancehub

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

NAICOM moves to enforce compulsory insurance of public buildings

2017-10-20 9:43 AM | by Nigeria Compliancehub

To drive the enforcement of the compulsory insurance of public buildings across the country, The National Insurance Commission (NAICOM)  in Abuja has inaugurated a technical committee.

The committee was inaugurated by NAICOM’s Commissioner for Insurance, Mr Mohammed Kari, and it has membership drawn from NAICOM, the Federal Fire Service (FFS) from… Read more

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