The National Insurance Commission (NACOM) has issued three new guidelines to drive market innovation and professionalism in the insurance industry.
The guidelines include Insurance Regulatory Sandbox Operational Guidelines; Market Conduct Guidelines for Takaful and Retakaful Insurance Operators and Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
NAICOM, in a statement signed by Rasaaq Salami, Head, Corporate Communication and Market Development for the Commissioner for Insurance, Mr. Olorundare Sunday Thomas, stated that the guidelines are part of its strategic objective to drive innovation of products and services, ensure operators are professional in the conduct of their businesses in line with best practices. The Commission recently issued the following guidelines:
According to the statement, the Commission expects all operators to ensure compliance with the new guidelines to the benefit of all stakeholders.
The new guidelines take effect from May 1, 2023.