National Insurance Commission (NAICOM) is a government owned parastatal in the insurance industry in Nigeria with the main goal of protecting insurance policyholders and ensure that the industry is operating smoothly and efficiently under the leadership of the commissioner for insurance Mr Olusegun Omosehin.[1][2]
| National Insurance Commission (NAICOM) | |
|---|---|
| Abbreviation | NAICOM |
| Agency overview | |
| Formed | 1997 |
| Jurisdictional structure | |
| Federal agency (Operations jurisdiction) | Nigeria |
| Operations jurisdiction | Nigeria |
| Legal jurisdiction | National Insurance Commission |
| Governing body | President of Nigeria |
| Constituting instrument |
|
| General nature | |
| Operational structure | |
| Headquarters | Plot 1239, Ladoke Akintola Boulevard, Garki II Abuja. |
| Agency executive |
|
| Website | |
| https://www.naicom.gov.ng/ | |
History
editThe National Insurance Commission, was established in 1997 to regulate the insurance industry in Nigeria with the main goal of protecting insurance policyholders and ensure that the industry is operating smoothly and efficiently it acts as an advisor to the Federal Government on insurance-related matters and publishes annual reports on the insurance industry. The parastatal works with other government agencies and organizations to advance insurance education and training.[3]
Functions
editNAICOM performed the responsibilities which including setting standards for insurance companies, approving insurance premiums and change of insurance company name, and ensuring that strategic government assets are adequately protected.[4][5][6]
References
edit- ^ Khaliq, Zaka (2024-11-29). "Prioritise Adequate Capitalisation For Financial Stability, NAICOM Task Insurers". Retrieved 2024-12-01.
- ^ Nation, The (2024-11-27). "NAICOM, NDPC move to safeguard personal data of insurance policy holders". The Nation Newspaper. Retrieved 2024-12-01.
- ^ www.naicom.gov.ng https://www.naicom.gov.ng/about. Retrieved 2024-12-01.
{{cite web}}: Missing or empty|title=(help) - ^ Anaesoronye, Modestus (2024-11-29). "NAICOM grants NPF Insurance Co operational license as general insurer". Businessday NG. Retrieved 2024-12-01.
- ^ Chioma, Unini (2024-11-30). "NAICOM Issues Operating License To Police Force Insurance Company Amid Industry Concerns". TheNigeriaLawyer. Retrieved 2024-12-01.
- ^ Abimbola, Oluwakemi (2024-11-27). "NAICOM approves name change for insurance company". Punch Newspapers. Retrieved 2024-12-01.