NAICOM directs Insurance companies to digitalize processes

NAICOM directs Insurance companies to digitalize processes

Insurance companies in Nigeria have been directed to stop all manual processes. This directive was given by the National Insurance Commission (NAICOM).

The commission has issued a directive to insurance companies to fully commence online operations.

In a circular titled ‘Adjustment of NAICOM Operations’ and signed by L.M. Akah, the Director Policy and Regulations, from Wednesday the operations of the commission would go live to enhance efficient and effective service delivery.

Part of the statement reads, “NAICOM operation will transit from manual to online processing and all operational activities or issues concerning insurance institutions that require the commission’s attention, comment and approval will be submitted and processed via the 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, Product Authorisation, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaints etc.”

Furthermore, there would be no manual submission of requests/applications effective from Wednesday except online through the designated portal.

Author: Greg