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NAICOM Begins Digital Processes For Insurance Companies Registration, Others

Ebuka Daniel

The National Insurance Commission has announced that with effect from September 1st, all its operations will be carried out online including the processing of requests from insurance institutions.

The announcement was contained in a circular issued on Wednesday by the Commission, dated August 27 and addressed to Managing Directors and Chief Executive Officers of all insurance institutions.

The circular titled, “Adjustment of NAICOM Operations” was signed by Director Policy and Regulations, L.M. Akah.

The circular reads, “To enhance efficient and effective service delivery, the operations of the Commission will Go-live with effect from Wednesday 1st September 2021.

“The import of this adjustment is that effective from 1st September 2021, NAICOM’s operation will transit from manual to online processing and all operational activities or issues concerning Insurance Institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM Licensing System.

“Consequently, all Insurance Institutions are required to align their operations to NAICOM Portal for submission and processing of all requests.”

According to the circular, requests that can be submitted include Certificate of Registration/Renewal, Approval in Principle, Product Authorization, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaint issues among others.

NAICOM directed that all enquiries on the adjustment of its operations be sent to its designated portal, [email protected]

The Commission enjoined insurance institutions to comply with the stated directives.

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