NAICOM opens online regulatory portal

The National Insurance Commission (NAICOM) has commenced online operations of its activities from today (Wednesday) and has directed all insurance companies to key in.

This is contained in NAICOM’s circular, signed by its Director, Policy & Regulations, Mr. Leonard Akah, for the Commissioner for Insurance, Mr. Sunday Thomas, dated August 27, 2021, and titled: “Adjustment of NAICOM operations” and sent to all Managing Directors/ Chief Executive Officers of all insurance institutions.

According to the insurance industry regulator, the import of the adjustment is that “effective from September 1, 2021, its operations will transmit from manual to online processing and all operational activities or issues concerning insurance institutions that require the commission’s attention, comment, and approval will be submitted and processed via NAICOM Licensing System.

“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 authorization; micro-insurance; takaful insurance; letter of request; financial statement approval; enforcement action; governance and complaints issues amongst others”.

NAICOM called on the operators to noted that from today, (Wednesday) “there shall be no more manual submission of requests/application, except online through the designated portal”.

The insurance sector regulator reiterated that all inquiries on the adjustment of NAICOM’s operations should be sent to: portal@naicom.gov.ng, and urged the operators to give maximum compliance to the directive.

Courtesy: The Sun News

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