National Insurance Commission (NAICOM)
| 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/ | |
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]
History
[edit]In order to protect insurance policyholders and guarantee the smooth and efficient operation of the insurance industry in Nigeria, the National Insurance Commission was founded in 1997. It also provides annual reports on the insurance industry and advises the Federal Government on issues pertaining to insurance. To promote insurance education and training, the parastatal collaborates with various governmental entities and groups.[3]
Functions
[edit]NAICOM was reportedly to set the guidelines for insurance businesses, approving insurance prices and name changes, and making sure that vital government assets are sufficiently safeguarded were among the duties carried out by the agency.[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.