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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, 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

  • Safety and soundness of Insurance Institutions
  • Stability of insurance sector
  • Protection of policyholders and third parties covered by insurance contracts
  • Optimal development of the Nigerian insurance market
  • Public trust and confidence in the insurance system
  • Effectiveness in use of resources and compliance with relevant laws

Vision

A safe and stable insurance industry competing global and contributing optimally to Nigeria's economy

Mission

To effectively regulate, supervise and develop the Nigerian Insurance Industry for the protection of insurance consumers and other stakeholders

Our Core Values

Professionalism

Transparency

Integrity

Consistency

Effectiveness

Chief Emmanuel Jideofor Nwosu

Chairman

Mr. Thomas Olorundare Sunday

Commissioner For Insurance/CEO National Insurance Commission (NAICOM)

Mr. Sabiu Bello Abubakar

Deputy Commissioner, Technical (DCT)

Mr. Oba, Olufemi Oluniyi, FCA

Deputy Commissioner, Finance and Administration (DCF&A)

Otunba A. Akinniranye

Member

Alh. Auwal Hamza

Member

Prof. Musa Balarabe

Member

Mrs. Abimbola Tiamiyu

Representative (CIIN)

Mr. Stephen A. Okon

Rep. Min. of Finance

Mrs. Chinyere Nwoke

Rep. Ministry of Trade and Investment

Mr. Stanley Alvan

Rep. Central Bank of Nieria