NAICOM mandates insurers, brokers to obtain customers’ NIN, BVN, CAC documents before providing cover
National Insurance Commission NAICOM
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The National Insurance Commission (NAICOM) has directed all insurance companies and brokers in Nigeria to ensure that clients submit their National Identification Number (NIN), Bank Verification Number (BVN), and Corporate Affairs Commission (CAC) documents before any insurance contract is initiated.
This directive, contained in a circular dated October 22, 2025, and signed by Olugbenga Jaiyesimi, Deputy Director of the Market Conduct & Complaints Bureau on behalf of the Commissioner for Insurance, is in line with Section 64(4) of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the circular obtained by Dailyeconomy today, the new rule is aimed at strengthening transparency, identity verification, and Know Your Customer (KYC) compliance across the insurance sector.
> “An insurance underwriter and broker shall not provide or incept any insurance cover without having obtained the BVN and NIN of the individual client and CAC documents of the corporate client,” the directive stated.
NAICOM emphasized that all proposal forms must clearly restate the requirement for these identity documents, which must be obtained before the inception of any insurance policy, including Group Life Cover. For group policies, insurers and brokers are to collect schedules containing employees’ names, dates of birth, BVNs, and NINs before coverage begins.
The Commission further instructed that any policy already in force but lacking these identification details must be updated by December 31, 2025. Underwriters are required to contact affected policyholders directly or through intermediaries to obtain and link the information to customer records.
Additionally, insurers and brokers are mandated to launch customer awareness campaigns to sensitize clients about the new requirement.
NAICOM warned that any insurance operator or intermediary who fails to comply will face regulatory sanctions.
The circular concludes that the Commission will closely monitor adherence to the directive and take necessary actions to enforce compliance.
