NAICOM Embraces Digitalization

NATIONAL Insurance Commission (NAICOM) has issued directive mandating industry operators to stop operating manually and adopt digital means to carry out all activities appropriately.

The directive is contained in a circular published on NAICOM website titled ‘Adjustment of NAICOM Operations’, signed by the Director, Policy and Regulations, L. M. Akah.

The commission disclosed that it had adopted digital means to carry out all operational activities which includes submission and processing of requests from insurance companies.

It stated that the operations of the commission would go live digitally, with effect from Wednesday to enhance efficient service delivery.

Part of the statement reads, “NAICOM operation will transit from manual to online processing. All operational activities or issues concerning insurance institutions that require the commission’s attention, comment and approval will be submitted and processed via the NAICOM licensing system.

“Consequently, all insurance institutions are required to align their operations to NAICOM portal for submission and processing of all requests such as Certificate of Registration/Renewal, Approval in Principle, Product Authorization, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaints etc.”

The statement added that there would be no manual submission of requests/applications effective from Wednesday except online through the designated portal.

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