The National Insurance Commission (NAICOM) has instructed insurance institutions to start harmonising the returns being rendered to the commission or face stiff sanctions.
In the circular entitled “Harmonised Returns with Effect from April 2015”, signed by the Director, Supervision, NAICOM, Nicholas Opara, the commission stated that the new directive is to further enthrone regulatory clarity particularly with respect to regulatory returns requirements.
The circular reads in part: “In furtherance to the commission’s determination to enthrone regulatory clarity particularly with respect to regulatory returns requirements, it became necessary to harmonise the processes of obtaining various returns from insurance institutions”.
He noted that the harmonised returns are categorised as “on occurrence, monthly, quarterly, bi-annually and annual basis”. NAICOM also attached schedule of the harmonised returns.
Opara added that the returns shall be submitted to the commission according to the regularity of returns (i.e. on occurrence, monthly, quarterly, bi-annually and annual basis), through the medium required and forwarded to the emails only for each.
The insurance operators are also required to submit the returns to the commission in the format prescribed (Ms Excel) and on separate sheet using the attached templates without modification.
Where both the hard and soft copies are required, the operators were mandated to submit both as required.
NAICOM further explained that the new circular does not preclude companies from complying with other regulations and additional returns requirements as may be required by the commission from time to time.
The insurance operators were also asked to draw the attention of all their employees to the content of the new circular in order to ensure strict compliance, stressing that failure to comply with the new directive will attract stiff sanction.