National Insurance Commission (NAICOM)

National Insurance Commission is a government owned parastatal in the insurance industry in Nigeria with the main goal of protecting insurance policyholders and ensure that the industry is operating smoothly and efficiently under the leadership of the commissioner for insurance Mr Olusegun Omosehin.

History

In order to protect insurance policyholders and guarantee the smooth and efficient operation of the insurance industry in Nigeria, the National Insurance Commission was founded in 1997. It also provides annual reports on the insurance industry and advises the Federal Government on issues pertaining to insurance. To promote insurance education and training, the parastatal collaborates with various governmental entities and groups.

Functions

NAICOM was reportedly to set the guidelines for insurance businesses, approving insurance prices and name changes, and making sure that vital government assets are sufficiently safeguarded were among the duties carried out by the agency.