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Chuks Udo Okonta
Stakeholders in the insurance sector have applauded the National Insurance Commission (NAICOM) for migrating its operations from manual to digital platform.
NAICOM had on Wednesday, September 1, 2021, switched on its operations digitally.
Managing Director/Chief Executive Officer, Achor Actuarial Services Limited, Dr. Pius Apere, lauded the initiative adopted by the insurance sector regulator, stressing that the move would help boost the implementation of Risk Based Supervision (RBS).
He submitted that with the migration, NAICOM could effectively oversight activities of practitioners without much hassles.
He called for more of such innovations that would help take the industry to lofty heights.
Some other practitioners who are members of a group on Facebook, known as Insurance Practitioners Forum in Nigeria, also lauded NAICOM for the feat.
Lead Project Developer, Insurance September, Ekerete Ola Gam-Ikon, rated the initiative with 100 per cent icon.
Ezekiel Oloriegbe of Analytical Perspectives Nigeria Limited, said: “Applause. Seven gbosas for the commission.”
Adewale Badekale of First Adequate Benefits Insurance Brokers Limited, said: “Well-done NAICOM, more innovations.”
NAICOM had in a circular, signed by its Director, Policy & Regulations, Leonard Akah, for the Commissioner for Insurance, Sunday Thomas, dated August 27, 2021 and entitled; adjustment of NAICOM operations and sent to all Managing Directors/ Chief Executive Officers of all insurance institutions.
The insurance industry regulator noted that the import of the adjustment was that effective from September 1, 2021, its operations will transmit from manual to online processing and all operational activities or issues concerning insurance institutions that requires the commission’s attention, comment and approval will be submitted and processed via NAICOM Licensing System.
It noted that consequently, all insurance institutions are required to align their operations to NAICOM have for submission and processing of all requests such as certificate of registration/renewal; approval -In-Principle (AIP); product authorization; micro insurance; takaful insurance; letter of request; financial statement approval; enforcement action; governance and complaints issues amongst others.
NAICOM urged the operators to noted that from today, there shall be no more manual submission of requests/application, expect online through designated portal.
The regulator said all enquiries on the adjustment of NAICOM’s operators should be sent to portal@naicom.gov.ng, adding that maximum compliance with the directives is required.
