Insurance

NAICOM beams search light on foreigners seeking positions in insurance firms

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has said henceforth, foreigners interested in occupying key positions in any insurance institution in the country and do not have a bank account in Nigeria, should produce result of due diligence conducted by the person’s home country regulator.

NAICOM stated this in a circular signed by Director, Policy and Regulation, NAICOM, Pius Agboola, for the Commissioner for Insurance, Sunday Thomas and send to all insurance institutions.

The circular reads:

CIRCULAR ON DUE DILIGENCE FOR FOREIGNERS WITHOUT BANK ACCOUNTS IN NIGERIA

To ensure a seamless Fit and Proper Person’s Due Diligence Test’ for foreigners interested in occupying key positions in any insurance institution in Nigeria and/or do not have a bank account in Nigeria, the following due diligence requirement shall be met:

1. A Report of Fit and Proper Person’s Due Diligence Test on the person/foreigner shall be sent directly to the Commission from the person’s Home Country Regulator, where such person(s) is/are coming from a regulated entity.

2. A Report of Fit and Proper Person’s Due Diligence Test on the person/foreigner shall be sent directly to the Commission from the person’s Home Country Office or Country Office of Permanent Residence, where such person(s) is/are coming from a non-regulated entity.

Insurance operators are hereby required to ensure compliance with the above.

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