Abuja, Nigeria (CU)_ The National Insurance Commission (NAICOM) issued a letter to the Managing Directors and Chief Executive Officers of insurance businesses in Nigeria, announcing the digitalization of all of its activities. According to NAICOM, the change was made to improve the efficiency and effectiveness of service delivery systems, and it was implemented on 1st September, 2021.
Leonard Akah, NAICOM’s Director of Policy and Regulations, signed the above information in a circular that was dated August 2021. The commission highlighted that it would shift its operations from manual to digital processing with all insurance enterprises, and that all operational procedures or issues involving insurance companies that await the Commission’s notice, remarks, or authorization would be submitted and handled through the NAICOM Licensing System.
According to the letter, “Consequently, all insurance institutions are required to align their operations to NAICOM portal for submission and processing of all requests such as certificate of registration/renewal, approval-in-principle (AIP), product authorisation, micro insurance, Takaful Insurance, letter of request, financial statement approval, enforcement actions, governance and complaint issues, etc”. It added, “Take note that there shall be no manual submission of requests/applications effective from 1 September 2021 except online through the designated portal. All inquiries on the adjustment of NAICOM’s operations should be sent to portal@naicom.gov.ng”.
The insurance regulator wanted the insurance companies to follow the guidelines of the letter. The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 to ensure effective management, supervision, operation, and control of the insurance business in Nigeria, as well as the protection of insurance policyholders, beneficiaries, and third parties to insurance contracts.
