The National Insurance Commission (NAICOM) Tuesday, extended submission of first quarter returns by insurance operators by one month in the interim as a palliative in the face of the spreading COVID-19.
The regulator also granted waivers to insurance brokers, Loss adjusters and insurance agents during the period in respect of delayed submission of renewal documents while meetings earlier scheduled to hold with the Commission have been suspended till further notice.
The NAICOM also advised operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.
The palliatives were contained in a circular by the Commission, entitled: Palliatives As A Result Of The Impact Of Corona Virus (COVID -19) On Insurance Operators, dated March 24, 2020, with a circular number: NAICOM/DPR/CIR/27/2020, signed by Director (Policy & Regulation), Mr. Agboola Pius, for Acting Commissioner for Insurance and sent to all insurance Operators.
“Due to the negative impact of corona virus (COVID-19) on the mobility/interaction of person as well as conduct of business in Nigeria and the world over, the Commission has reviewed the potential impact on the insurance sector and has thus taken the following measures:
“(a) Submission of first quarter returns have been extended by one month, in the interim; (b) waiver will be granted in respect of delayed submission of renewal documents (by insurance brokers, Loss adjusters and Insurance agents) during the period of the COVID-19 pandemic and (c) all meeting earlier scheduled to hold with the commission have been suspended till further notice.”
“Insurance principles hinges/centers on prevention is better than control measures, therefore, insurance operators are advised to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.”‘said the circular.