NAICOM offer palliatives to insurance companies over Coronavirus

Insurance regulator, the National Insurance Commission (NAICOM) in response to the Coronavirus pandemic ravaging the global economy including Nigeria, has offered palliatives to insurance companies and intermediary service providers in the industry.

The Commission in a statement on Tuesday, signed by Pius Agbola, director, Policy and Regulation on behalf of the Commissioner for Insurance said due to the negative impact of Coronavirus (COVI 0-19) on the mobility/interaction of persons as well as conduct of business in Nigeria and the World over, the Commission has reviewed the potential impact on the insurance sector and has taken some measures.

Agbola said submission of first quarter returns have been extended by one month, in the interim.

The Commission also said that waivers will be granted in respect of delayed submission of renewal documents by Insurance Brokers, Loss Adjusters and Insurance Agents during the period of the COVID-19 pandemic, while all meetings earlier scheduled to hold with the Commission have been suspended till further notice.

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Believing that insurance principles hinges and centers on prevention rather than control measures, NAICOM therefore urges insurance operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria, from time to time.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.