Operations of the National Insurance Commission (NAICOM), have fully become online from Wednesday September 1, 2021.
In line with this the regulator has directed all insurance companies to key in to the new system.
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.
The NAICOM explained that 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 requires 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 informed operators in the insurance industry that from the date of full commencement of the online operations, “there shall be no more manual submission of requests/application, expect online through designated portal”.
It reiterated that all enquiries on the adjustment of NAICOM’s operations should be sent to: email@example.com, and urged the operators to give maximum compliance to the directive.