The National Insurance Commission NAICOM is one of the statutory agencies under the Federal Government of Nigeria which was established under the Constitution to regulate and supervise the Nigerian Insurance Sector. The agency derives its regulatory powers from the National Insurance Commission Act 1997 and the Insurance Act of 2003.
Functions Of NAICOM In Nigeria
The major obligations and mandates of National Insurance Commission are stated below
- Provide stable standards for the conduct of insurance business in Nigeria.
- Approve rates of insurance premiums to be paid in respect of all classes of insurance business;
- Approve rates of commissions to be paid in respect of all classes of insurance business;
- Ensure adequate protection of strategic Government assets and other properties;
- Regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria;
- Act as adviser to the Federal Government on all insurance related matters;
- Approve standards, conditions and warranties applicable to all classes of insurance business;
- Protect insurance policy- holders and beneficiaries and third parties to insurance contracts;
- Publish, for sale and distribution to the public, annual reports and statistics on the insurance industry;
- Liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory;
- Contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute; and
- Carry out such other activities connected or incidental to its other functions under this Decree.
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NAICOM Zonal Office Address In Nigeria
Ladoke Akintola Boulevard,
PMB 457 Garki,
LAGOS CONTROL OFFICE
Alagbon, Ikoyi Road,
Telephone: +234-1-7406590, 9515654, 73477644, 2133189
ENUGU ZONAL OFFICE
C1 Presidential Road,
P.O. BOX 2304, Enugu,
Telephone: +234-042-7406590 9515654
KANO ZONAL OFFICE
No 162, Farm Centre Road.
PORT-HARCOURT ZONAL OFFICE
No 32,Onne Road
G.R.A Phase 2
Via Airtel Office
For the list of all NAICOM Agents Offices in Nigeria, Kindly click on the link below to have an overview of the agent closest to you.
4 thoughts on “NAICOM National Insurance Commission: Their Functions And Zonal Office Addresses In Nigeria”
Good afternoon sir, I picked a policy with sterling assurance in 2009 but the institution later went distressed. Please how can I recover my money?
Thank God for your effective and efficient supervisory and monitoring roles over Insurance companies in Nigeria, the industry is growing and people have started to have more confidence in Insurance Policies. some Companies engaged by Federal Government in the Group Life Insurance Policies of Staff refused to honour the claims of deceased Staff. this seems to have defeated the aims and objectives of the New Contributory Pension Scheme.Pension Desk Officers are in MDAs as the Intermediaries between the Insurance Brokers and beneficiaries of death claims are faced with myraids of unresolved problems.
Your efficiency in supervisory and monitoring role of insurance company in Nigeria can not be overlooked. I surrender my policy with one of the insurance company precisely IGI Since five months ago. To my surprise I was told that your agency is the one delaying my claims. Pls. If so, I want you to look into this issue critically and approve my claims in due course. But if not a legal action will be taking against IGI because it was not written in their terms and conditions that they will punish me with my money.