Why NAICOM switches operation & processes to digital

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National Insurance Commission, NAICOM Logo

The National Insurance Commission (NAICOM) has said all its operations and processes will be done online with effect from September 1, even as it urged insurers to key into the initiative.

The announcement which was contained in a circular titled: “Adjustment of NAICOM operations” was signed by its Director, Policy & Regulations, Leonard Akah, on behalf of the Commissioner for Insurance; Sunday Thomas.

According to the Commission, the import of the adjustment is that “effective September 1, 2021, its operations will transmit from manual to online processing and all operational activities or issues concerning insurance institutions that require the commission’s attention, comment and approval will be submitted and processed via 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 (AIP); product authorisation; micro insurance; takaful insurance; letter of request; financial statement approval; enforcement action; governance and complaints issues amongst others”.

NAICOM called on the operators to note that from the said date “there shall be no more manual submission of requests/application, except online through designated portals”.

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