NAICOM Strengthens Enforcement of Insurance for Public Buildings and Construction Projects

NAICOM Strengthens Enforcement of Insurance for Public Buildings and Construction Projects

By Oluwakemi Kindness The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing insurance compliance for public buildings and construction sites across Nigeria. NAICOM stated this at the 4th Meeting of the Joint Committee on Insurance for Public Buildings and Buildings under Construction, in Abuja on Wednesday which brought together key stakeholders to review progress and address challenges in implementing mandatory insurance regulations. In his opening remarks, Deputy Commissioner […]

May 14, 2025 12 1

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Economy

Aviation Boost: NAICOM Rolls Out Bold New Leasing Rules

By Oluwakemi Kindness The National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts. The revised regulation seeks to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country. The unveiling held in Abuja on Monday at the Office of the Minister of Aviation, Festus Keyamo, SAN, with other key stakeholders in the Insurance and […]

May 12, 2025 19 15

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Economy

NAICOM Hands CHI Life Assurance Operational License

Oluwakemi Kindness The National Insurance Commission (NAICOM) has taken another step to strengthen the insurance industry in Nigeria by issuing a license to CHI Life Assurance Limited. Commissioner for Insurance, Olusegun Ayo Omosehin, who warmly welcomed the CHI Life Assurance executives, urged them to make a positive impact in the industry. Speaking in Abuja at the Commission's Board Room, he assured them of NAICOM's commitment to creating an enabling environment […]

March 12, 2025 14 10 3

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Economy

NAICOM, NEMSA Partners On Electrical Safety, Insurance Compliance

Oluwakemi Kindness The National Insurance Commission and the Nigerian Electricity Management Services Agency have entered into a historic partnership, signing a Memorandum of Understanding on electrical safety and enhancing insurance compliance. This collaborative effort aims to establish a framework for mutual understanding and cooperation in achieving their regulatory obligations, prioritizing the safety of lives and property in relation to electrical incidents. At the signing ceremony at the NAICOM Headquarters, the […]

February 10, 2025 15 8 3

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Security

FCT Police Commences Enforcement of Mandatory 3rd-Party Motor Insurance

Oluwakemi Kindness The Federal Capital Territory (FCT) Police Command has commenced the enforcement of the mandatory minimum Third-Party Motor Vehicle Insurance stated from February 1, 2025 The Command in a statement in Sunday said this is in line with the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun It said all vehicle owners in the FCT are required to possess a valid Third-Party Insurance policy before operating on […]

February 2, 2025 15 2 3

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News

Police Set February 1 For Enforcement Of 3rd Party Vehicle Insurance

By Oluwakemi Kindness The Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, has announced February 1, 2025, as the commencement date for the enforcement of the relevant laws on third-party insurance. IGP Egbetokun who affirms the importance of third-party insurance stated this on Friday when he received the Commissioner for Insurance, National Insurance Commission (NAICOM), Olusegun Ayo Omosehin and team on a courtesy visit. The Police boss according to a statement […]

January 10, 2025 14 1 2

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Economy

NAICOM, Fire Service to integrate insurance into building safety checklists

By Oluwakemi Kindness In the bid to boost insurance penetration in Nigeria, the National Insurance Commission (NAICOM) and the Federal Fire Service has met to review and strengthen their partnership. A statement from NAICOM said the Federal Fire Service, as a key member of the committee on insurance of public buildings and buildings under construction, has agreed to integrate Fire Insurance Policy into their checklist. It stated that the partnership […]

January 10, 2025 10 1 2

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Economy

NAICOM Hails Passage of New Insurance Bill by 10th Senate

By Oluwakemi Kindness The National Insurance Commission (NAICOM) has lauded the Senate following the passage of the new Insurance Consolidated Bill. NAICOM which said it warmly welcomes the passage noted that it is optimistic that the legislation will unlock the growth, prosperity, and potentials of the insurance sector. The commission in a statement said the passage of the Bill has marked a significant milestone in the country's efforts to revamp […]

December 18, 2024 19 2

Economy

NAICOM Outlines Strategic Transformation Roadmap For Insurance Sector

Oluwakemi kindness In the face of rapid changes in the business environment and adoption of strategies to meet current realities, the National Insurance Commission NAICOM has crafted a 4-year Strategic Plan (2024 – 2027) to serve as roadmap for the industry. The 4-year Strategic Plan consists of 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening it supervisory capabilities and organizational […]

September 14, 2024 18

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