Introduction
The Nigerian Insurance Commission (NAICOM) was established by law to protect the interest of policyholders, insurers and also govern insurance industry practice in Nigeria. NAICOM was established by law to protect the interest of policyholders, insurers and also govern insurance industry practice in Nigeria.
The NAICOM rules provide a guide for choosing the best insurance policies for your needs. These rules must be followed by all insurers and policyholders in the market place. If you follow them carefully, you will probably get the right policy to meet your needs
The Nigerian Insurance Commission is a government org that regulates insurance policies in Nigeria.
The Nigerian Insurance Commission is a government org that regulates and supervises the insurance industry. It’s in charge of regulating the sector and ensuring that all policies are within the law.
The NAICOM is both a statutory body as well as an independent regulatory authority, meaning that it has both powers to regulate as well as punish violators if necessary.
NAICOM was established by law to protect the interest of policyholders, insurers and also govern insurance industry practice in Nigeria.
NAICOM is a government agency established by law to protect the interest of policyholders, insurers and also govern insurance industry practice in Nigeria. The agency was created in 2003 through an act of parliament.
NAICOM is responsible for the regulation of insurance in Nigeria and regulates all types of policies including Health Insurance, Property & Casualty Insurance, Life Insurance & Annuity etc.
The NAICOM rules provide a guide for choosing the best insurance policies for your needs.
The NAICOM rules are a guide for choosing the best insurance policies for your needs. As an expatriate, you need to use this guide to ensure that you choose a good policy that provides all the coverage required by law and also meets your needs.
there are different types of insurance policies in Nigeria and not all of them are suitable for expatriates. For example, if you live in Lagos, then maybe you don’t need to buy any type of coverage with a deductible because the NAICOM rules provide that the insurer must pay up front
These rules must be followed by all insurers and policyholders in the market place.
In addition, you must follow the same rules as all other insurers. These include:
- The NAICOM code of conduct that governs the way in which an insurance policy can be issued and how it will work.
- The NAICOM code of conduct that governs how a company can deal with customers, including complaints and claims procedures.
NAICOM rules are the same for all insurers and policyholders in the market place. They are designed to make sure you get what is best for your business.As the regulatory authority for the insurance industry, NAICOM is empowered pursuant to the Insurance Act and NAICOM Act, to issue regulations governing insurance business in Nigeria.
The Guidelines seem to have regard to current market trends and industry outlook for the insurance sector. According to analyses and projections by Augusto & Co. (a research, credit ratings and credit risk management agency) in its 2022 Insurance Industry Report[3], insurance penetration rate stands at less than one percent (1%) in Nigeria. The industry’s gross premium income (GPI) has also continued to stagnate at ₦520.1 billion (US $1.4 billion) when compared to previous years. Figures released by the National Bureau of Statistics (NBS), showed that the financial sector (consisting of financial institutions sub-sector and insurance sub-sector) contributed 3.10% to the overall nominal gross domestic product (GDP) as at Q4 2021. Insurance sub-sector’s share of the contribution stood at 7.82% compared to financial institutions sub-sector’s share of 92.18%.
However, the industry is reported to have shown signs of resilience and potential for growth, following restrictions in product distribution encountered during the COVID-19 induced lockdowns of 2020 (and some part of 2021) and the huge claims it has had to pay following the destruction of properties that trailed the ENDSARS protests in 2020. One unique development during these crises was the increase in the use of online channels to market and sell insurance products resulting in an upscale in consumers’ and insurance companies’ online presence. Before now, the insurance industry has leveraged the more structured data in the banking industry (through the adoption of bancassurance) and the strategic alliance with Fintechs (through InsureTech) to improve sales and grow premium income. With web aggregation encouraging more people to search and stay online, insurance companies can easily adopt online target-marketing campaigns to re-orientate the insurable public about the need to embrace insurance products.
If you follow the rules, you will probably get the right policy to meet your needs.
If you follow the rules, you will probably get the right policy to meet your needs. If you follow the rules, there is no reason why you shouldn’t be able to find a good insurance policy in Nigeria.
If a person follows all of these guidelines and still fails at getting an appropriate insurance policy then it means that they did not follow all of these rules correctly or perhaps they did not know how they should go about doing so in order for them not only get a good deal but also ensure that they get everything right when purchasing any type of product especially one as important as this one which deals with protecting against potential dangers such as fire outbreaks and vandalism on buildings etcetera.”
If you have all of these factors in consideration then there is no doubt that one can get a good deal on their insurance policy in Nigeria. It’s important to follow every single rule and guideline for getting an insurance policy in Nigeria so as not to lose money or risk losing out on any type of coverage that may be needed. 1) The first thing to do when trying to get a good deal on your insurance policy is make sure that it’s going cover everything that needs covering and
Conclusion
The NAICOM rules are essential for all Nigerians who want to get the best insurance policy for themselves or their business. They help everyone in the insurance industry by setting standards and making sure that everyone follows them correctly. Also, if you’re looking for a head start on choosing the right policy, then this guide should help you understand what every part of a term sheet says about it so that you can compare between different companies on how they treat their customers.