NAICOM exits manual operations for insurance companies

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Factual Pursuit of Truth for Progress

By Francis Ogwo

The National Insurance Commission has directed that all operational activities including submission and processing of requests from insurance companies to be done online as against its previous manual procedures.

This was part of a circular titled ‘Adjustment of NAICOM Operations’ and signed by Director Policy and Regulations, L.M. Akah. The operations of the commission would go live with effect from Wednesday to enhance efficient and effective service delivery.

Part of the statement reads, “NAICOM operation will transit from manual to online processing and all operational activities or issues concerning insurance institutions that require 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 such as Certificate of Registration/Renewal, Approval in Principle, Product Authorization, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaints etc.”

The statement added that there would be no manual submission of requests/applications effective from Wednesday except online through the designated portal.

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