NATIONAL INSURANCE COMMISSION DECREE
Decree · Finance
A Decree that establishes the National Insurance Commission to regulate and supervise the insurance industry. It targets insurance companies, brokers, and policyholders. This ensures market stability and protects consumers by licensing and overseeing operations.
NATIONAL INSURANCE COMMISSION DECREE
What Is This Policy?
The original decree (now treated as an Act) establishing the National Insurance Commission (NAICOM) as the statutory body for regulating and supervising the insurance industry in Nigeria.
Who Does It Target?
Insurance and reinsurance companies Insurance brokers, agents, and loss adjusters NAICOM management and staff Policyholders and insurance consumers
What Does It Aim to Achieve?
Establish an independent insurance regulator with powers to license, supervise, and sanction insurance market participants, protecting policyholders and ensuring market stability.
Key Features
NAICOM Establishment: Creates the National Insurance Commission as the apex insurance regulator. Licensing Powers: NAICOM grants and revokes licences for all categories of insurance business. Solvency Supervision: NAICOM monitors insurers' financial soundness and intervenes in failing companies. Consumer Protection: NAICOM receives and resolves complaints from policyholders against insurers.
Current Status
Rollout Stage: Active — NAICOM fully operational Coverage: Nationwide insurance market Beneficiaries: Policyholders; insurance market stability Funding: NAICOM levy on insurance premiums
How to Access
Insurance companies must hold valid NAICOM licences Report unresolved insurer disputes to NAICOM All insurance intermediaries must be registered with NAICOM Application method: Engage NAICOM at https://www.naicom.gov.ng
Important Terms
Operating insurance business without a NAICOM licence is illegal NAICOM may appoint a statutory manager for an insurer in financial difficulty Compulsory classes of insurance (motor, fire) are strictly supervised
Official Resources
Website: https://www.naicom.gov.ng Contact: National Insurance Commission (NAICOM)
Legal Framework
Enacted under legislative powers (as a Decree, now treated as an Act of the National Assembly). Operates under the Insurance Act 2003, the Companies and Allied Matters Act 2020, the Consumer Protection Council Act 2004, the Investments and Securities Act 2007, and the International Association of Insurance Supervisors (IAIS) core principles.