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NAICOM Goes Live, Stops Manual Operations

Effective today, the operations of the Insurance sector regulator, National Insurance Commission (NAICOM) goes live.
In an official directive to chief executives of all insurance institutions titled Adjustment of NAICOM Operations which was signed by the Commission’s Director of Policy and Regulation Mr.L.M Akah on behalf of the Commissioner of Insurance, Mr. Sunday Olorundare Thomas, dated 27th August 2021, the regulator was clear and categorical that manual submissions or applications will no longer be accepted with effect from Wednesday.
“To enhance efficient and effective service delivery, the operation of the Commission will Go-live with effect from Wednesday 1st September,2021.”
This means that henceforth all requests for Certificate of Registration or Renewal, Approval-in-Principle (AIP), Product Authorisation,etc must be submitted and processed online.Other services covered by the directive include: MicroInsurance, Takaful, Financial Statement Approval etc.
“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 activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM Licensing System”.
The Commission further directed that enquiries regarding this adjustment of operations be channeled through

“Your maximum compliance with the above directive is required”, the directive concluded.

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