BY NKECHI NAECHE -ESEZOBOR—The National Insurance Commission (NAICOM) on Tuesday released guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund (IPPF), aimed at safeguarding policyholders and their investments in the event of liquidation.
This is contained in a circular released today and signed by John Falade, Deputy Director, Special Risk & Security Analysis, addressed to all insurance institutions, the Commission said the guidelines were issued in exercise of the powers conferred on it by the Nigerian Insurance Industry Reform Act 2025 and other relevant insurance laws and regulations.
The commission also set May 31 as the deadline for insurance operators to submit their IPPF Assessment Returns for the 2025 financial year.
The circular reads: “In exercise of the powers conferred on the National Insurance Commission (the Commission) by
the Nigerian Insurance Industry Reform Act 2025 and other extant insurance laws and
regulations, the Commission hereby issues the attached Guidelines for the Collection,
Management, and Administration of the Insurance Policyholders’ Protection Fund (the Fund).
It added that “the guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the
Fund which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.”
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submission shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.
“All insurers, reinsurers and relevant insurance institutions are required to ensure strict compliance with this Guidelines.
“Please accept the assurances of the Commission’s best wishes.”
