The National Insurance Commission, NAICOM as part of it’s strategic objective to drive innovation of products and services in the country, has issued new Insurance guidelines.
These Insurance guidelines according to a statement signed by the Head, Corporate Communications and Market Development, NAICOM, Mr. Rasaaq Salami, would ensure operators are professional in the conduct of their businesses in line with best practices.
The guidelines are; Insurance Regulatory Sandbox Operational Guidelines, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators, as well as Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria.
The statement explained that the guidelines would help in providing insurance institutions, other firms and persons the opportunity to test business models, products and services that would enhance efficiency in meeting consumers’ needs, as well as encourage innovation that would drive financial inclusion and positive competition.
The guidelines are also expected to promote and deliver economic benefits, by lowering the cost of business operations.
The Commission expects all Operators to ensure compliance with the new guidelines to the benefit of all stakeholders.