National Insurance Commission (NAICOM) on September 1, formally transited its regulatory activities strictly to the online platform.
In a circular dated August 27, 2021, NAICOM Director, Policy & Regulations, Leonard Akah, said that effective from September 1, 2021, every operation will transmit 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 NAICOM Licensing System.
The circular, which was addressed to all Managing Directors/ Chief Executive Officers of all insurance institutions explained that consequently, all insurance institutions are required to align their operations to the NAICOM portal for submission and processing of all requests such as certificate of registration/renewal; approval -In-Principle (AIP); product authorisation; micro-insurance; takaful insurance; letter of request; financial statement approval; enforcement action; governance and complaints issues amongst others.
NAICOM urged the operators to note that from September 1, 2021, there shall be no more manual submission of requests/applications, except online through the designated portal.
The regulator directed all stakeholders to ensure maximum compliance with the directives.
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