NAICOM to roll out insurtech, cyber risk guidelines, bolster annuity framework
L-R: Executive Secretary Nigerian Council of Registered Insurance Broker, Tope Adaramola, Managing Director NSIA Insurance Limited Moruf Apampa; Head of Corporate Affairs National Insurance Commission, Abba Halil and Head, Corporate Communication/Brand Management, Nigeria Insurers Association Joke Adeyemi
Nike Popoola
The National Insurance Commission (NAICOM) plans to release a series of strategic guidelines aimed at strengthening Nigeria’s insurance sector and supporting the Federal Government’s economic initiatives.
This was disclosed by the Managing Director of NSIA Insurance Limited, Mr. Moruf Apampa, during a press briefing held after the Insurers’ Committee meeting in Lagos on Wednesday.
Apampa, who is also a member of the Communication & Stakeholder Engagement Sub-Committee of the Insurers Committee, said the forthcoming guidelines include Market Conduct Guidelines and InsurTech Guidelines.
These are intended to provide a regulatory framework for collaboration between insurers and the growing number of technology companies entering the industry, Dailyeconomy observes.
“There’s a need to streamline processes involving tech firms, which is critical given the surge in their presence within the industry,” Apampa noted.
Also nearing completion is the Cyber Risk Insurance Guideline, which Apampa described as “very key” in today’s digital landscape. Recognizing the rising threat of cyberattacks, he emphasized the vital role of the insurance industry in providing protection and ensuring resilience in the face of these challenges.
On claims settlement, Apampa said the Commissioner acknowledged significant improvements made by the industry and encouraged further progress.
NAICOM is also working to simplify and streamline the claims process for third-party motor insurance. A recent circular issued on this subject underscores the commission’s drive to enhance claims resolution, which is expected to yield broader benefits across the sector.
Regarding financial stability, Apampa confirmed that most insurance companies submitted their first-quarter solvency reports in line with regulatory expectations. He expressed optimism for even greater compliance and improvement in the second quarter.
A key area of focus, according to Apampa, is the annuity business. NAICOM is set to introduce supplementary guidelines aimed at safeguarding annuitants and restoring confidence following recent market developments.
“NAICOM is taking proactive measures to ensure annuitants receive their monthly payments consistently and that no provider defaults,” he said.
Dailyeconomy notes that these comprehensive regulatory measures reflect NAICOM’s proactive stance in reinforcing public trust, enhancing consumer protection, and aligning the insurance sector with the nation’s broader economic development goals.
