By Yinka Bolarinwa
NAICOM fulfils its mandate as a regulator through the following departments:

Inspectorate Directorate
This directorate conducts on-site inspections to insurance institutions to review the processes, procedures, systems and control to confirm their compliance with regulatory requirements.  This directorate’s role includes assessment of actuarial reports, review of reinsurance treaties, administration of security fund set aside for victims of uninsured vehicles, exercise of the power of intervention and initiating appointment of liquidators.

Supervision Directorates

This directorate is responsible for all matters relating to off-site examination review and approval of annual accounts of insurance companies, analysis of all periodic reports which insurance institutions are required to submit.  This directorate is also responsible for the assessment and collection of annual insurance levy.

Authorization and Policy Directorate

This directorate is responsible for assessing applications for license from those who want to do insurance business.  Its role includes vetting of the appointment of Chief Executive Officers, approval of new products and approval of new branch offices.

Administration & Human Resources Directorate

This directorate is responsible for the provision of HR planning, recruitment and selection, performance evaluation and management, developing and implementing HR/Administration policies and procedures, training and manpower development, provision of management services and custodian of assets.

Finance and Accounts Directorate

This directorate supports the Commission through planning, and budgeting, control and investment management.

Research, Statistics and IT Directorate.

The directorate is responsible for developing and operating an effective ICT platform for the Commission and for conducting research, compiling statistics and preparing publications.

Other Units

Legal/Board Secretariat Unit – responsible for providing legal and Board Secretariat advice to the Commission.

Complaints Bureau – responsible for resolving complaints from policyholders and disputes over claims settlement.

Corporate Affairs – responsible for press releases and interaction with media to promote the image and brand of the Commission.

Corporate Strategy- responsible for supporting top management in the formulation, execution and implementation of strategy and the communication of the strategy to internal and external audiences.

Internal Audit – responsible for providing assurance on governance, risk management and control processes.

Premises Security – responsible for security of all facilities of the Commission.

Commissioner’s Office Administration- responsible for the administration of the Commissioner’s office. Next week, we’ll talk about another regulator. Keep the date.