BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has commenced the issuance of five-year licences to insurance brokers as part of ongoing reforms in the insurance industry under the Nigerian Insurance Industry Reform Act (NIIRA).
The Commissioner for Insurance, Olusegun Ayo Omosehin, disclosed this on Wednesday during a press conference in Lagos. The briefing formed part of the commission’s strategic communication and stakeholder-engagement initiatives on the implementation of the reform Act.
Omosehin said the legislation introduces new registration requirements for insurance brokers and other intermediaries, including loss adjusters.
He explained that NAICOM is rolling out new guidelines governing the registration and licensing of intermediaries, under which operators will now receive five-year licences, replacing the previous two-year certification regime.
“We have introduced new regulations and enhanced requirements for intermediaries, and we have already begun issuing five-year licences,” he said.
The commissioner also highlighted the strengthened role of independent actuaries in the industry.
According to him, actuaries will now have expanded authority to request information, conduct investigations and report directly to regulators.
Omosehin said the measure is designed to reinforce sound reserving practices within insurance companies and ensure their long-term sustainability and financial stability.
“Relying on the powers provided under the Act, we have also transmitted some authority to actuaries to enable them request information more effectively when preparing their reports,” he added.
