Insurance commission pushes for enhanced performance on digital platform

Determined to improve on its processes and services, the National Insurance Commission (NAICOM) said that it has fully automated its work processes and relationship with insurance institutions in the country to the extent that inquires and application for registration of new insurance outfits can now be commenced and concluded online.

NAICOM had in a memo issued on August 31, 2021 announced that with effect from September 1, all its operations will be carried out online including the processing of requests from insurance institutions.

The announcement which was contained in a circular issued by the Commission, dated August 27, addressed to the Managing Directors and Chief Executive Officers of all insurance institutions was tagged “Adjustment of NAICOM Operations”

Signed by Director Policy and Regulations, L.M. Akah reads, the memo revealed that “To enhance efficient and effective service delivery, the operations of the Commission will Go-live with effect from Wednesday 1st September 2021.

“The import of this adjustment is that effective from 1st September 2021, NAICOM’s operation will transit from manual to online processing and all operational activities or issues concerning Insurance Institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM Licensing System.

“Consequently, all Insurance Institutions are required to align their operations to NAICOM Portal for submission and processing of all requests.”

According to the circular, requests that can be submitted include Certificate of Registration/Renewal, Approval in Principle, Product Authorization, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaint issues among others.

For a better society