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.
To maintain a safe and sound Insurance Industry, competing globally and contributing optimally to the economic growth and development of Nigeria.
To adopt best practices for effective Administration, Regulation and Supervision of the Nigerian Insurance Industry to protect policyholders and other beneficiaries of insurance contracts and facilitate adequate protection of strategic Government asset by providing relevant advice to the Federal Government on all insurance related matters.
We subscribe to the values of proportionality, integrity, consistency, and effectiveness in the pursuit of our vision
Chairman, Governing Board National Insurance Commission (NAICOM)
Commissioner For Insurance/CEO National Insurance Commission (NAICOM)
Deputy Commissioner, Finance and Administration (DCF&A)
Deputy Commissioner, Technical (DCT)
Rep. Min of Finance
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.
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.
Coordinates receivership, liquidation of Cancelled Companies. Provides legal opinions, vetting and drafting of contracts, sealing of official documents, monitoring of suits in courts.
Serves as the Head office branch
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.
Management of regulatory intervention, and deal with issues of enforcement and compliance with laws/regulations and process penalties for violations.
Is responsible for human resources management and provision of administrative services.
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.