As part of efforts to reposition the National Insurance Commission (NAICOM) for better service delivery, the governing board of the commission has approved the exercise of new restructuring.
NAICOM’s restructuring will welcome additional directorates and state branch offices across the country. Under the new restructuring, three more directorates have been created in the commission, bringing the total number of directorates to 9. The new directorates are commissioner for insurance’ directorate, Lagos office, and legal and liquidation directorate.
NAICOM said the supervision and inspectorate directorates had been merged into one inspectorate directorate while the authorisation and policy directorate had been split into two separate directorates, namely policy and regulation directorate and corporate governance, enforcement and compliance directorate.
The commission also made known of its branch network expansion by creating 20 additional state branch offices across the six geopolitical zones.
Also, four out of the existing five zonal offices, which are Enugu, Ilorin, Port Harcourt and Kano, have been converted to branch offices, bringing the total number of branch offices in the states to 24.
Nairametrics had reported that NAICOM is putting finishing touches to bancassurance guidelines which will enable insurance firms to sell policies using microfinance banks in the country. Pius Agboola, a director in the commission’s inspectorate division disclosed this at an event in Lagos.
The National Insurance Commission was established by the National Insurance Commission Act No 1 of 1997 to ensure the effective administration, supervision and regulation of insurance business in Nigeria as well as regulate transactions between insurers and reinsurers within and outside Nigeria.
NAICOM is charged with inspectorate powers by establishing the standards for the conduct of insurance business in Nigeria. It approves rates for premiums and commissions in the insurance industry and protects policyholders and other beneficiaries of insurance contracts. It protects government assets and advises the Federal Government on insurance issues. It also contributes to insurance education programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute.