BY NKECHI NAECHE-ESEZOBOR–The National Insurance Commission, ( NAICOM), on Wednesday released the operational guidelines that wil serve as a working document to register, supervise and monitor web aggregators effective from February, 2022.
This is contained in statement made available by the Commission’s Assistant Director/Head, Corporate Affairs, Rasaaq Salami, to BusinessToday Online that insurance intermediary who maintain a website for providing information on products of different Insurers.
The statement thus read” in exercise of the powers conferred by the National Insurance Commission Act 1997, the Commission hereby issues: ‘Insurance Web Aggregators Operational Guidelines – 2022’.
The following introductory notes to the guidelines indicate that: This Guidelines comes into effect on the date of release to the insurance industry and the public;
“This Guidelines shall apply to all Web Aggregators and Insurers respectively carrying on insurance business in Nigeria;
“This Guidelines shall be read in conjunction with other relevant Legislation, Guidelines and Circulars as determined to be applicable to the newly inclusive distribution channels approved by the Commission; and
“It is the responsibility of Web Aggregators to obtain any clarification required on the applicability of this Guidelines, and any other Regulations from the Commission.”
A Web aggregator is a company registered under the Companies and Allied Matters Act No 1 of 1991 “CAMA” approved by NAICOM under this guideline, which maintains/ owns a website and owns information pertaining to insurance products and price/ features comparisons of products of different insurers and offers leads to an insurer.
