The National Insurance Commission (NAICOM) has launched online operations with effect from 1st September 2021. NAICOM announced that manual submission in no longer needed for any insurance operation, effective from 1st September 2021to onward.
According to the insurance industry regulator, all operational activities or issues concerning insurance/takaful institutions that require the commission’s attention, comment and approval are to be submitted and processed via the NAICOM digitally authorized 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 (Islamic insurance; letter of request; financial statement approval; enforcement action; governance and complaints issues amongst others”. This step is a kind support to lead insurance industry towards digitalization.