NAICOM releases micro-insurance guidelines, appoints steering committee

The National Insurance Commission (NAICOM) on Wednesday released the operational guidelines for the take-off of micro-insurance in the country, throwing the door open to industry operators and other interest groups to apply for licence.

Subsequently, the commission also inaugurated a 14-man steering committee made up of representatives of stakeholders across the financial services market that would oversee implementation of the scheme in Africa’s most populace black nation.

The committee would be headed by Sunday Thomas, director general, Nigerian Insurers Association (NIA).

Fola Daniel, commissioner for insurance, who inaugurated the committee in Lagos, said the event is very significant because of the vision to use micro-insurance to address the challenges of poverty, which is endemic in our society.

Daniel, represented by George Onekhena, deputy commissioner, finance and administration, said the micro-insurance business is going to be strictly regulated because it has to do with trust, so the commission’s stance will be strong to enable it protect the policyholders.

“NAICOM will not compromise in its regulatory standard to ensure the smooth running of the micro-insurance, so we shall be definite in our stance to ensure that policyholders are adequately protected.”

Leonard Akah, deputy director, authorisation and policy, said the role of the committee among others is to respond to issues emanating from implementation of the scheme and make recommendations to NAICOM.