National Insurance Commission
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
Mandate of the Commission
The mandate of the Commission as specified in the enabling law (NAICOM Act 1997) is to discharge the following functions:
- To establish standards for the conduct of insurance business in Nigeria;
- To approve rates of insurance premiums to be paid in respect of all classes of insurance business;
- Ensure adequate protection of strategic Government assets and other properties;
- Regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria;
- Act as adviser to the Federal Government on all insurance related matters;
- Approves standards, conditions and warranties applicable to all classes of insurance business;
- Protect insurance policyholders, beneficiaries and third parties to insurance contracts;
- Publish for sale and distribution to the public, annual reports and statistics of the insurance industry;
- Liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government Agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory;
- Contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and West African Insurance Institute; and
- Carry out other such activities connected or incidental to its other functions under the Act.
Goals
- Entrench effective and efficient service delivery.
- Ensure safe, sound and stable insurance sector.
- Adequately protect policyholders and public interest.
- Improve trust and confidence in the insurance sector.
- Encourage innovation and promote insurance market development.
Vision: A safe and stable insurance industry competing globally and contributing optimally to Nigeria’s economy.
Mission: To effectively regulate, supervise and develop the Nigerian Insurance Industry for the protection of insurance consumers and other stakeholders.
Values: We subscribe to the values of professionalism, transparency, integrity, consistency, and effectiveness in the pursuit of our vision
For more, visit www.naicom.gov.ng
