Insurance

NAICOM extends submission of first quarter returns, other palliatives to insurance operators

Thomas

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) today announced some palliatives granted to insurance operators as they battle challenges brought about by the deadly coronavirus (COVID-19).

The Commission in a circular signed by its Director, Policy & Regulation, Pius Agboola, for the Acting Commissioner for Insurance, Sunday Thomas, numbered:NAICOM/DPR/CIR/27/2020, dated, March 24, 2020, entitled: Re: Palliatives as a Result of the Impact of Coronavirus (COVID-19) on Insurance Operators and sent to all insurance operators, noted that due to the negative impact of corona virus (COVI 0-19) on the mobility/interaction of persons as well as conduct of business in Nigeria and the World over, it has reviewed the potential impact on the insurance sector and has taken measures such as extension of the submission of first quarter returns by one month, in the interim.

NAICOM also noted that waivers will be granted in respect of delayed submission of renewal documents (by Insurance brokers, Loss adjusters and Insurance agents) during the period the COVID-19 pandemic and that all meetings it had earlier scheduled to hold have been suspended till further notice.

The insurance regulator posited that Insurance principles hinges/centers on prevention which is better than control measures, therefore, Insurance Operators are advised to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.

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