June 24, 2021

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NAICOM gives conventional insurance companies micro-insurance permit window

NAICOM

NAICOM has given a go-ahead to all conventional insurance companies to transact micro-insurance businesses to support financial inclusion .

By Ginika Okoye

The National Insurance Commission (NAICOM) has given a go-ahead to all conventional insurance companies across the country to transact micro-insurance businesses to support financial inclusion and increase insurance penetration.

A circular released by the commission in Abuja on Tuesday says the  directive takes effect from Dec. 1.

The circular said that conventional insurance companies should henceforth apply for a micro-insurance national operation license before they would be allowed to operate the window.

According to it, insurers shall seek and obtain approval from the commission before transacting micro insurance and the board of the company shall approve the establishment of a micro-insurance department.

The circular however urged insurance companies to segregate the financial records of its micro-insurance dealings from other conventional businesses

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