NAICOM charges insurers on compliance with new operational guidelines

The National Insurance Commission (NAICOM) has charged operators within the industry to comply with its new guidelines on products and services to ensure professionalism.

Mr Rasaaq Salami, Head, Corporate Communication and Development, NAICOM said this in a statement on Friday in Lagos.

He said that the new guidelines include Insurance Regulatory Sandbox Operational Guidelines, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators.

Others are Enterprise Risk Management and Framework for Takaful and Retakaful Operators in Nigeria.

Salami said that new guideline has the strategic objective to drive innovation of products and services in the industry.

According to him, the guidelines are designed to ensure that operators are professional in the conduct of their businesses in line with best practices.

“The commission expects all operators to ensure compliance with the new guidelines to the benefit of all stakeholders,” it stated.

Takaful is rooted in Islamic insurance where members contribute money into a pool system or mutual fund guaranteeing each other against loss or damage.

Also, Retakaful is an arrangement to risk of retention limit funding takaful.