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:
- 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
- Inspectorate Directorate: Conducts 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.
- Finance and Accounts Directorate: Keeps 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.
- Research, Statistics and Strategy Directorate: Collates 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.
- Administration and Human Resources Directorate: Is responsible for human resources management and provision of administrative services.
- 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.
- 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.
- 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.
- Lagos Office:Serves as the Head office branch.
- Audit Unit: Auditing 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.
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Mr. Mohammed Kari
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.
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.
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.
- Sample Data-Articles
- WITHDRAWAL OF CIRCULAR ON TIER BASED SOLVENCY CAPITAL POLICY FOR INSURANCE COMPANIES IN NIGERIA
- TIER BASED MINIMUM SOLVENCY CAPITAL POLICY & TRANSITION PLAN
- STATUS OF 2017 FINANCIAL STATEMENTS OF INSURANCE COMPANIES AS AT 19TH APRIL
- 2013 ACCOUNTS APPROVAL PROCESS 20th FEB 2014
- ACCOUNTING FOR ANNUITY BUSINESS
- ANNUAL AND QUARTERLY REGULATORY RETURN TEMPLATE FOR NIGERIAN INSURANCE INDUSTRY
- CERTIFIED TRUE COPY MARCH 2015
- COMPUTATION OF SOLVENCY MARGIN- NON LIFE INSURANCE
- DIRECTIVES ON RENDITION OF QUARTERLY RETURNS TO NAICOM
- DIRECTIVES ON RENDITION OF QUARTERLY RETURNS TO NAICOM 29 SEPT 16
- DIRECTIVES ON RENDITION OF QUARTERLY RETURNS TO NAICOM SEPT 16
- INVESTMENT PROPERTY, PROPERTY PLANT AND EQUIPMENT
- NOTICE TO ALL INSURANCE BROKERS AND LOSS ADJUSTERS
- POSTING OF APPROVED FINANCIAL STATEMENTS ON THE COMPANYS WEBSITE
- RE 2013 ACCOUNTS APPROVAL PROCESS FEB 2014
- REVISED QUARTERLY AND ANNUAL RETURNS TEMPLATE FOR INSURANCE REINSURANCE COMPANIES
- SHARING OF BROKERAGE INCOME WITH THE DEALING MEMBER FIRMS OF THE NSE
- CIRCULAR RATES FOR COMPULSORY INSURANCES
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