The National Insurance Commission (NAICOM) has announced the digitalisation of all its operations in a letter that was addressed to the Managing Directors/Chief Executive Officers of insurance firms in Nigeria.NAICOM said the move was to enhance efficiency and effective service delivery and that the process started September 1, 2021.NAICOM stated this in a circular signed by its Director, Policy and Regulations, Leonard AkahThe commission noted that its engagement with all insurance institutions would transmit from manual to online processing and that all operational activities or issues concerning insurance companies that require the Commission’s attention, comment, and approval would be submitted and processed via NAICOM Licensing System.
“Consequently, all insurance institutions are required to align their operations to NAICOM portal for submission and processing of all requests such as certificate of registration/renewal, approval-in-principle (AIP), product authorisation, micro insurance, Takaful Insurance, letter of request, financial statement approval, enforcement actions, governance and complaint issues, etc.
“Take note that there shall be no manual submission of requests/applications effective from 1 September 2021 except online through the designated portal.
“All inquiries on the adjustment of NAICOM’s operations should be sent to firstname.lastname@example.org,” the letter stated.
The insurance regulator sought the maximum compliance of the insurance operators with the directives.