Welcome to the National Insurance CommisionThe 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, beneficiaries and third parties to insurance contracts.
Mandate of the Commission
  • The mandate of the Commission as specified in the enabling law (NAICOM Act 1997) is to discharge the following functions:
  • To establish standards for the conduct of insurance business in Nigeria;
  • To approve rates of insurance premiums to be paid in respect of all classes of insurance business;
  • Ensure adequate protection of strategic Government assets and other properties;
  • Regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria;
  • Act as adviser to the Federal Government on all insurance related matters;
  • Approves standards, conditions and warranties applicable to all classes of insurance business;
  • Protect insurance policyholders, beneficiaries and third parties to insurance contracts;
  • Publish for sale and distribution to the public, annual reports and statistics of the insurance industry;
  • Liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government Agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory;
  • Contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and West African Insurance Institute; and
  • Carry out other such activities connected or incidental to its other functions under the Act.
    • Goals
  • Entrench effective and efficient service delivery.
  • Ensure safe, sound and stable insurance sector.
  • Adequately protect policyholders and public interest.
  • Improve trust and confidence in the insurance sector.
  • Encourage innovation and promote insurance market development.
    • VisionA safe and stable insurance industry competing globally and contributing optimally to Nigeria’s economy.
    MissionTo effectively regulate, supervise and develop the Nigerian Insurance Industry for the protection of insurance consumers and other stakeholders.
    ValuesWe subscribe to the values of professionalism, transparency, integrity, consistency, and effectiveness in the pursuit of our vision
    Management Team & Governing Board
    Directorate
    Policy & Regulation Directorate Issuance of Insurance business Licenses, 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.
    Head of Branch Lagos Serves as the Head office branch
    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.
    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.
    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.
    Legal & Liquidation DirectorateCoordinates receivership, liquidation of Cancelled Companies. Provides legal opinions, vetting and drafting of contracts, sealing of official documents, monitoring of suits in courts.
    Administration and Human Resources DirectorateIs responsible for human resources management and provision of administrative services.
    Corporate Governance, Enforcement & Compliance DirectorateManagement of regulatory intervention, and deal with issues of enforcement and compliance with laws/regulations and process penalties for violations.
    Commissioner For Insurance Directorateis responsible for 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 develop
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    HEAD OFFICE : Plot 1239, Ladoke Akintola Boulevard, Garki II Abuja.EMAIL : contact@naicom.gov.ng
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