The National Insurance Commission (NAICOM), says it has set April 30 as the deadline for insurance policyholders to submit their National Identification Number (NIN), while corporate clients must provide their Corporate Affairs Commission (CAC) documents before the commencement of any insurance contract, including Group Life policies.
The Commissioner for Insurance, Olusegun Omosehin, disclosed this at a News conference in Lagos, as part of the commission’s strategic communication and stakeholder engagement efforts on the implementation of the Nigerian Insurance Industry Reform Act.
Omosehin stated that NAICOM had earlier issued a circular directing insurance companies to obtain minimum Know Your Customer (KYC) documentation from policyholders.
According to him, the April 30 implementation date remains unchanged, emphasising that all insurance policies must be linked to a valid national identity.
Omosehin said integrating insurance policies with Nigeria’s National identity system will enhance transparency, accountability and traceability within the sector.
The NAICOM boss noted that many Nigerians already have identity-linked mobile phone numbers, which should make compliance with the directive relatively easy.
He urged insurance operators to ensure full compliance with the requirement before the deadline.
The directive also requires intensified customer education, noting that “Insurance underwriters are also mandated to collaborate with insurance brokers and agents to intensify customer awareness campaigns, emphasising the importance of compliance with this directive.”
The NAICOM Boss assured that it will closely monitor compliance and sanctions would be given to any insurance underwriter that failed to obtain, or an intermediary that failed to provide, the NIN or CAC documents.
Omosehin also disclosed that the commission has begun the first phase of implementing measures aimed at strengthening policyholder protection in the country.
He revealed that NAICOM has released draft guidelines for a policyholders’ protection framework and shared them with stakeholders across the insurance market for input.
“We have exposed the draft guidelines to the market and received comments. We are currently finalising the document,” Omosehin said. “We reviewed the feedback received, and our legal team is now cross-checking the final draft to ensure everything is properly aligned.”
Reporting By Abimbola Oyetunde