NAICOM releases draft guidelines on Nigeria’ microinsurance companies operations

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The National Insurance Commission has released a draft of revised guidelines for microinsurance operations in Nigeria.

NAICOM sent the draft guidelines to the chief executive officers of insurance and reinsurance companies, the Nigerian Insurers Association, the Nigerian Council of Registered Insurance Brokers and other bodies to make their inputs.

The commission also gave them the deadline to make the necessary contributions to the draft.

NAICOM also said it had received the 2016 financial reports of 49 insurance companies.

It disclosed that accounts of 39 companies had been approved; accounts of eight companies were undergoing a review; and the remaining two companies had been queried for various reasons.

“The response of those whose accounts have been queried is still being awaited in the commission,” NAICOM stated.

By regulation, the commission requires that all insurance companies must submit their financial accounts latest by end of June.

The commission noted that failure to meet the deadline to submit the accounts would subject the concerned firms to fines and penalties.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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