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Welcome to the National Insurance Commission

The National Insurance Commission (NAICOM)  was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiari

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STRUCTURE OF COMMISSION

The governance oversight of the Commission is provided by Federal Ministry of Finance and the Governing Board. The Chief Executive officer is the Commissioner for Insurance who is supported by two deputies, Deputy Commissioner Technical and Deputy Commissioner Finance and Administration.

The internal and external services of the Commission are provided by the following Directorates/ Units within the scope indicated:

  1. Policy and Regulation: Issuance of Insurance business Licences, approvals of Chief Executive Officers of Insurance Institutions, business combination, new insurance products, new branch offices and monitoring of compliance with local content requirements as it relates to Insurance Contract in the Oil & Gas and Aviation sectors. Furthermore, it oversees market conducts and security analysis of Insurance and Reinsurance Companies and provides support for Ministries, Department and Agencies of Government on the insurance of Government assets
  2. Inspectorate DirectorateConducts on-site inspection of Insurance Institutions as mandated under Section 31(1) of NAICOM Act of 1997, relevant Anti Money Laundry Laws and regulations and any other enabling laws. Also Undertakes off-site'' monitoring of all Insurance Institutions incorporating, among others, financial analysis, solvency assessment, appraisal of investments covering policyholders' funds, assessment of financial Stability  and viability. It also appraises the audited annual financial statements and periodic returns of Insurance Companies and Broker.
  3. Finance and Accounts DirectorateKeeps the accounting records of the Commission, prepares and manages its budget, receives money and makes payment on its behalf. It also prepares the annual financial statements of the Commission.
  4. Research, Statistics and Strategy DirectorateCollates and maintain data on the industry, undertakes research activities to support the mission of the Commission, coordinates corporate strategic planning and monitors implementation of strategic priorities.
  5. Administration and Human Resources DirectorateIs responsible for human resources management and provision of administrative services.
  1. Commissioner For Insurance Directorate: is responsiblefor the following Units                                                                           
                                                                                                                                 
    • Information Technology Unit: Is responsible for IT Services and Infrastructure.
    • Corporate Affairs: Serves as the mouth-piece and image merchant of the Commission. Handles publicity and communication, media relations, stakeholders' engagements and brand management, protocols and advert approvals of insurance entities.
    • SERVICOM Unit:Monitors, ensures quality service delivery, efficiency, transparency within the Commission.
    • Procurement Unit: Responsible for the processing of all Procurement of goods, works and services in the Commission.
    • Market Development Unit: Coordinates all market development and financial inclusion activities of the Commission across the country.
  2. Corporate Governance, Enforcement & Compliance Directorate: Management of regulatory intervention, and deal with issues of enforcement and compliance with laws/regulations and process penalties for violations.
  3. Legal & Liquidation Directorate: Coordinates receivership, liquidation of 

Cancelled Companies.  Provides legal opinions, vetting and drafting of contracts, sealing of official documents, monitoring of suits in courts.

  1. Lagos Office:Serves as the Head office branch.

 

  • Audit UnitAuditing of financial transactions and records and ensuring compliance with financial rules and regulations and Internal Control System.
  • Commission & Board Secretariat: Provides secretariat services to the Board.
  • Complaint Bureau Unit: Receives and resolves all complaints against insurance companies over non-payment of insurance claims.

 

 

Mr. Mohammed Kari
Commissioner For Insurance

Mohammed is the Commissioner for Insurance, Nigeria and Chief Executive Officer of the National Insurance Commission (NAICOM), the insurance Supervisory and Regulatory Authority in the Country.

He is a Chartered Insurer with over 36 years’ experience in insurance operations and hands-on management both in the private and public sectors.In the process, he has managed some of the biggest insurance institutions in Nigeria.

Prior his appointment as Nigeria’s Commissioner for Insurance and Chief Executive Officer of NAICOM on July 31, 2015, Alhaji Kari was the Deputy Commissioner for Insurance (Technical) where he was saddled with the responsibility of over-seeing technical (insurance) matters in the Commission.

   

 

Thomas,Olorundare Sunday

Deputy Commissioner, Technical

Prior his appointment in April 2017 as Deputy Commissioner in charge of technical matters at the Commission, Mr. Thomas held the position of Director –General at the Nigerian Insurers Association (NIA) for seven years from May 2010.

He is a vastly experienced and knowledgeable Insurance Professional with over 35 years uninterrupted service to the Nigerian insurance industry. During these years, Mr. Thomas worked as a Director for seventeen (17) years at the National Insurance Commission from 1992 to December 2009 whereat different times, he superintended over different departments in the technical division. He had also worked as an insurance operator for over 10 years and rose to the position of Assistant General Manager at AIICO Insurance Plc until he left in 1992 to join NAICOM.

Mr. Thomas is an active participant in the insurance industry activities and had served as member of several Committees not only within the insurance industry but the entire Financial Services Sector.He holds a BSc (Hons) in Actuarial Science and an MBA Finance both from the University of Lagos.

   
   

George Onekhena
Deputy Commissioner (Finance & Administration)

Prior his appointment in November 2009 as Deputy Commissioner for Insurance, Mr. Onekhena was the Managing Partner in the firm of GeorgeAndrews + Partners, Accountants and Consultants. He has vast experience spanning over 33 years post-graduation in General Management, Finance, Corporate Governance, Marketing, Life Insurance, Non-Life Claims Management and Information Technology Application.

Mr. Onekhena successfully completed his first tenure as Deputy Commissioner and was subsequently reappointed to same position in November 2014 for a second and final tenure of five (5) years.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and holds a Master’s degree in Business Administration from the prestigious University of Lagos (1990). He is a distinguished Alumnus of the University of Benin.

As Deputy Commissioner in charge of Finance and Administration, Mr. Onekhena oversees Financial Reporting, Investments, Human Resources and Administration and, Financial Analysis of insurance entities in the Commission.

 

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