The National Insurance Commission of Nigeria (NAICOM) and the National Association of Insurance Commissioners (NAIC) of the United States, recognising the increasing international activity in insurance markets and the corresponding need for mutual cooperation between the relevant supervisory authorities, have signed a Memorandum of Understanding (MoU) to establish a formal basis for cooperation and technical assistance.
The purpose of the memorandum is to help maintain efficient, safe, fair and stable insurance markets in Nigeria and the United States for the benefit and protection of policyholders, by providing a framework for cooperation, increased mutual understanding, the exchange of information and technical assistance to the extent permitted by respective laws, regulations and requirements.
Both NAICOM and the NAIC believe such cooperation will enable them to more effectively regulate the industry and entrench international best practices.
MODESTUS ANAESORONYE
