NAICOM enlists service standards in compliance with FG’s Executive Order

Insurance regulator, the National Insurance Commission has enlisted its service standards and what the industry operators should expect from it and delivery timelines for efficiency and quality. This is in line with the Executive Order of the federal government targeted the enhancing ease of doing business in Nigeria.

According to the document accessed by BusinessDay, “this  document provides information about the Commission, the general and specific standards that govern the services it provides to insurance institutions, location where services are provided and procedures for making complaints over service failures.”

“It serves as the Commission’s promise of service delivery to insurance institutions and has been issued in compliance with the Executive Order of the Federal Government. Most of the requirements to be met by insurance institutions seeking service from the Commission as specified in prudential and market conduct guidelines issued by the commission”.

The document also listed mandate of the commission as specified in the enabling law( NAICOM Act 1997), which is to discharge the following functions:  a. To establish standards for the conduct of insurance business in Nigeria; b. To approve rates of insurance premiums to be paid in respect of all classes of insurance business; c. Ensure adequate protection of strategic Government assets and other properties; d. Regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria; e. Act as adviser to the Federal Government on all insurance related matters; f. Approves standards, conditions and warranties applicable to all classes of insurance business; g. Protect insurance policyholders, beneficiaries and third parties to insurance contracts; h. Publish for sale and distribution to the public, annual reports and statistics of the insurance industry; i. Liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government Agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory; j. Contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and West African Insurance Institute; and  k. Carry out other such activities connected or incidental to its other functions under the Act.    

The document also contains the and mission statement, values, vision goals of the Commission; Also included in the document are structures of the commission; service outlets and locations; specific service delivery and timelines; general expectations from customers, as well as complaints and feedbacks.

Modestus  Anaesoronye