Bisi Bamishe
Effective from today, September 1st, 2021 the operations of National Insurance Commission (NAICOM) will Go-Live.
This was announced in a letter titled ‘Adjustment of NAICOM Operation’ dated August 27th, 2021 and sent to Managing Directors/Chief Executive Officers of insurance institutions, by the Commission’s Director (Policy & Regulation), Mr M. Akah.
Henceforth, operations of the Commission has transmitted from manual to online processing and all operations, activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed through NAICOM licensing system.
According to him, there shall be no more manual submission of requests or applications effect from today, except on line through NAICOM designated portal.
This latest development which is expected to enhance efficient delivery of all NAICOM services, requires all insurance institutions in Nigeria to align their operations to NAICOM portal for submission and processing of all requests such as Certificate of Registration or Renewal, Approval-ln-Principle (AIP), product authorisation, micro insurance, takaful insurance, letter of request, financial statement approval, enforcement action, governance and compliance issue etc.
All companies carrying out insurance businesses in Nigeria which include; insurance companies, both underwriting and reinsurance companies, insurance broking firms, insurance agents, loss adjusting firms have been directed to comply to this new development in the industry.
