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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

To maintain a safe and sound Insurance Industry, competing globally and contributing optimally to the economic growth and development of Nigeria.

Mission

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.

Values

We subscribe to the values of proportionality, integrity, consistency, and effectiveness in the pursuit of our vision

Chief Emmanuel Jideofor Nwosu

Chairman

Mr. Thomas Olorundare Sunday

Commissioner For Insurance/CEO National Insurance Commission (NAICOM)

Mr. Oba, Olufemi Oluniyi, FCA

Deputy Commissioner, Finance and Administration (DCF&A)

Mr. Sabiu Bello Abubakar

Deputy Commissioner, Technical (DCT)

Otunba A. Akinniranye

Members

Alh. Auwal Hamza

Members

Prof. Musa Balarabe

Members

Mr. Stephen A. Okon

Rep. Min of Finance

Mrs. Abimbola Tiamiyu

Representative (CIIN)

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.

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 Directorate

Coordinates receivership, liquidation of Cancelled Companies. Provides legal opinions, vetting and drafting of contracts, sealing of official documents, monitoring of suits in courts.

Head of Branch Lagos

Serves as the Head office branch

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.

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.

Administration and Human Resources Directorate

Is responsible for human resources management and provision of administrative services.

Commissioner For Insurance Directorate

    is responsible for the following Units
  • 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

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.