Naicom- In Nigeria, the insurance industry is primarily regulated by the National Insurance Commission (NAICOM).
NAICOM hereby extends an invitation to all interested suppliers who satisfied the criteria outlined in this publication to submit the necessary paperwork for the acquisition of goods and services outlined in its 2019 Budget.
Also, By virtue of the National Insurance Commission Act of 1997, as a result, the National Insurance Commission (NAICOM) was established in 1997 with the mandate to oversee the efficient management, supervision, regulation, and control of the Nigerian insurance industry as well as the protection of insurance policyholders, beneficiaries, and other parties to insurance contracts.
About Naicom
The report of the J.C. Obande Commission in 1961, finally led to the founding of the Department of Insurance in the Federal Ministry of Trade and later transferred to the Ministry of Finance, which was the first significant step toward regulating the activities of the insurance business in Nigeria.
However, The Insurance Companies Act 1961, which went into force on May 4, 1967, was also a result of the findings. The 1961 Act, in addition, which included regulations for registration and record keeping, was primarily concerned with the operations of direct insurers.
However, To make it easier to implement Act No. 58 of 1961, which divided insurance businesses into various groups for registration purposes and related forms for record-keeping, Insurance Companies Regulations were put into place in 1968.
Address And Contact
Abuja (Head Office)
239, Ladoke Akintola Boulevard, Garki II Abuja
Lagos Control Office
Off Ikoyi Road, NIC Alagbon Street, P.M.B. 80144, Victoria Island, Lagos 08127041223 None
Port-Harcourt Zonal Office
Onne Road, No. 23, G. R. A. Phase 2 via the Port-Harcourt, Rivers State, Airtel office. [email protected] 08034301677
Kano Zonal Office
No. 162, Farm Center Road. [email protected] 0802257980, Kano State.
Ilorin Branch
Trinity Road, Number 3, G.R.A., Ilorin, Kwara State. [email protected] 08063303856
Enugu Office
[email protected] C1 Presidential Road, PO Box 2304, Enugu, Enugu State
Kaduna Branch
No. 2 Ribadu Road.Off Tafawa Balewa Way, Unguwan Rimi, Kaduna State; [email protected] 08039388897
MANDATE OF THE COMMISSION
- According to the enabling statute (NAICOM Act of 1997), the Commission has the following responsibilities:
- In addition, Establishing guidelines for how the insurance industry should operate in Nigeria;
- To approve insurance premium payment rates for all categories of insurance business;
- Make sure that important government assets and other properties are adequately protected;
- Also, Regulate business dealings between Nigerian and international insurers and reinsurers;
- Serve as the Federal Government’s go-to expert on all insurance-related issues;
- Approves requirements, terms, and guarantees that apply to all categories of insurance business;
- However, Safeguard the beneficiaries, policyholders, and other parties to insurance arrangements;
- Publish annual reports and statistics about the insurance sector for sale and public distribution;
- Liaise with and provide advice to all statutory bodies, federal ministries, extra ministerial departments, and other government agencies on all insurance-related issues in all technical agreements to which Nigeria is a party;
- Contribute to the educational initiatives of the West African Insurance Institute and the Chartered Insurance Institute of Nigeria;
- Carry out additional similar tasks that are related to or incidental to its other Act-related duties.
Goals
- Ensure a solid, stable, and safe insurance industry
- Firmly establish efficient and effective service delivery.
- Encourage innovation and advance the insurance industry
- Adequately safeguard the public interest and the policyholder.
- Boost consumer faith and confidence in the insurance industry.
Vision
A competitive, well-run, and in addition to secure insurance sector that is best positioned to support Nigeria’s economy
Mission
To successfully oversee, manage, and grow the Nigerian insurance market for the benefit of insurance consumers and other stakeholders
Some of Its Functions
The National Insurance Commission (NAICOM), which has been tasked with using technology and in addition recently launched a platform to address the government’s decreasing revenue profile across the board, is concerned about Nigeria’s current financial difficulties.
In addition, The commission began a thorough computerization project in July 2009 under the name “Project e-regulator” with the goal of modernizing its operational procedures and carrying out its regulatory tasks. The portal was subsequently revealed as a result.
Dr. Zainab Shamsuna Ahmed, Minister of Finance, Budget, and Planning, made the announcement in Abuja during the opening of the NAICOM portal.
In addition, the National Identity Management Commission (NIMC) NIN Database, the Nigeria Immigration Services (NIS) passport database, the Nigeria Integrated Customs Information System, the Federal Road Safety Corps [FRSC], the National Vehicle Identification System, and the National Vehicle Registry are just a few of the government databases Ahmed urged the commission to connect to the portal.
Controversy
Also, Before purchasing a new office building in Abuja, the National Insurance Commission (NAICOM) again claims that full due diligence was performed on the property and all necessary permits from competent approving agencies were secured by its management.
In addition, Its response to a news story headed “Trouble lurks at NAICOM over the purchase of N4bn uncompleted office building as new” is shown below.
However, The Executive Council of the Federation granted the necessary consent for the acquisition of the building, thus the insurance sector regulator denied that there was any impropriety in the deal.
Its Response
In addition, the permission, moreover according to the Commission, was in accordance with the law because a certificate of “No Objection” was received from the Bureau of Public Procurement (BPP) based on the official of the Federal Ministry of Works and Housing’s appraisal of the property.
Moreover, The National Insurance Commission’s management in addition issued the following statement in response to the Vanguard newspaper article from August 29, 2022, in which the Commission was accused of deceiving President Muhammadu Buhari GCFR and the Federal Executive Council into approving the purchase of a new office building in Abuja, among other things.
However, The magazine also noted that the Commission said it was purchasing a “ready-to-use gorgeous office complex” rather than an unfinished structure.
The public must be informed of the facts as they are, even though the Commission does not wish to engage in debates with the media.
The property was the subject of adequate due diligence, and the Commission obtained all necessary clearances.
Subsequently, The Commission’s authorized yearly budget for 2022 includes money set aside for the purchase of the facility.
In addition to housing the newly established NAICOM Academy, which is an initiative of the Commission’s current leadership to address knowledge gaps in the regulation and supervision of the insurance sector not only in Nigeria but also throughout Africa and beyond, the building lastly will also serve as the new headquarters of the Commission.
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