Insurance World

NAICOM Applauds Operators For Embracing Portal, May Wave Sanction

Unveils Prudential And Market Conduct Guidelines Operators

Sunday Thomas, CFI

BY NKECHI NAECHE-ESEZOBOR–The National Insurance Commission (NAICOM) has expressed satisfaction at the rate of compliance of its member to the new digital regulatory model also known as NAICOM Portal.

Director, Commissioner’s Directorate and Head Corporate Communication, Mr. Rasaaq Salami, disclosed this yesterday during the insurers committee meeting held yesterday in Lagos, that the compliance rate has improved immensely.

Speaking further on sanctions, he said: “the commission has seen tremendous improvement in compliance and it feels there is no point of any sanction at this point.”

He said the compliance level between the last insurance committee meetings and now is very very significant.

Also, Vice Chairman of its Sub-Committee, Publicity and Communication, Mr. Segun omosehin, noted that the Commission is using the opportunity to encourage operators in the market to update and upscale their technology to a level that they can have real time online synergies with the commission’s portal.

He said big companies are encouraged to build APIs that they can connect to NAICOM’s APIs so that information floor will be seamless and that will help to build a new data base for the insurance market.

The Portal provides a Platform for interconnectivity by all industry stakeholders to support real-time aggregation of data on policies at the time of underwriting and policy issuance. Each policy will be issued with a unique policy ID that will be associated with the policy for the life time of the policy,”

In a bid to ensure consumers are charged fair and reasonable insurance prices, the commission has released Prudential and Market Conduct Guidelines for market operators.

Although the details of the guidelines were not made known to journalists but Omosehin said the Guideline was released on Wednesday, August 31, 2022.

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