National Insurance Commission - Guidelines for Microinsurance Operation in Nigeria


In these guidelines, the National Insurance Commission (NAICOM) of Nigeria establishes a uniform set of rules, regulations and standards for the conduct of the micro insurance business in the country. The main objectives of these guidelines are to:

1. Provide minimum standards for the conduct of micro insurance in Nigeria.
2. Ensure consumer protection.
3. Establish general features of micro insurance.
4. Establish duties and responsibilities of micro insurance operators and service providers.
5. Establish conditions for entry and exit from the micro insurance market.

The guidelines cover the following topics:

1: Registration Requirements
2. Products
3. Prudential Standards
4. Supervisory Requirements
5. Market Conduct
6. Corporate Governance
7. Fines and Penalties
8. Exit/Suspension/Cancelation

Guidelines are attached.

Guidelines have been removed from URL, originally located here:

Document Details

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Date of Document: 
Wednesday, January 1, 2014
Document Authors: 
National Insurance Commission
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