NAICOM Issues 3 Guidelines for Insurance Operators.
…effective May 1, 2023.
The National Insurance Commission has issued three(3) guidelines to insurance operators which will take effect from May 1, 2023.
Alhaji Rasaaq ‘Salami
Head, Corporate Communication and Market Development of the commission disclosed this in a signed statement made available to Business Africa Digest in Abuja.
The three guidelines are:
Insurance Regulatory Sandbox Operational Guidelines, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators, and Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
According to the statement, the development will drive innovation of products and services and also ensure operators are professional in the conduct of their businesses in line with best practices.
He said it is the expectation of the Commission that all Operators will ensure compliance with the new guidelines to the benefit of all stakeholders.
