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NAICOM urges insurance operators to comply with 2010 guidelines

The Commissioner for Insurance, Mr Fola Daniel, has urged insurance operators to comply with the National Insurance Commission (NAICOM) Policy and Operational Guidelines for 2010. Daniel said in Lagos on Wednesday that compliance was necessary because the guidelines would form part of the regulatory and supervisory tools for 2010.According to him, the guidelines are also meant to sanitise the industry and rid it of unethical practices.

He reminded the operators that NAICOM had released the 2010 Insurance policy and operational guidelines to operators.
“It shall form part of the regulatory and supervisory tools for the year and this is in accordance with the provisions of Section 49 (1) of Insurance Act of 1997,” he said.

Daniel said that the guidelines would ensure the institutionalisation of effective corporate governance structure for insurance companies, re-insurance companies, insurance brokers, loss adjusters and agents. According to him, the guidelines contain ethical and business practices that will be enforced in the country from Jan. 1, 2010.

The Commissioner said that comprehensive policy handbook had been distributed to insurers, re-insurers and intermediaries, adding that the guidelines were meant to strengthen operational standards in the industry. He said that it was also meant to improve the quality of performance of insurers, re-insurers and intermediaries. Daniel said that NAICOM was empowered to develop and issue policy and operational guidelines to guide the practice of operators yearly.


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