NAICOM adjusts mode of operation from manual to online processing

The National Insurance Commission (NAICOM) has announced the adjustment in mode of operations in the insurance industry to Go-live with affect from Wednesday 1st September, 2021.

In a press release dated 27th August, 2021, ref No: NAICOM/TD/P&RD/004, signed by L.M. Akah, Director (Policy & Regulations), for Commissioner for Insurance, addressed to Managing Directors/Chief Executives Officers of all insurance institutions said “To enhance efficient and effective service delivery, the operations of the Commission will go-live with effect from Wednesday1st September, 2021.

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He explained “The import of this adjustment is that effective from 1st September, 2021, NAICOM’s operation will transit from manual to online processing and all operational issues concerning insurance institutions that requires the Commissions attention, comment and approval will be submitted and processed via the NAICOM Licensing System.

Consequently, he said, “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 (AIP), Product Authorization, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaint issues etc.”
NAICOM warned that there shall be no manual submission of requests/application effective from 1st September, 2021 except online through the designated Portal.

All enquiries on the adjustment of NAICOM’s operations should be sent to [email protected]. The Commission however. Requested for maximum compliance with this directives.

It will be recalled, however, that at the seminar organized by the Commission recently for Insurance and Pension Editors in Lagos recently, the Commission rolled out the 2021-2023 Strategic Plan with five goals designed to entrench effective and efficient services system, ensure safe, sound and stable insurance sector that adequately protect policyholders and public interest, improve trust and confidence in the insurance sector and encourage innovation and promote insurance market development.

Deputy Director, Information Technology of the Commission, Abiodun Aribike, explained that the portal would help record notified claims and settlement, adding it is designed to drive the core business process of the insurance industry with the benefits of efficient service delivery with quick turn around time, eradicate fake insurance policies in the market, improve public trust and confidence in the industry.


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