The Nationwide Insurance coverage Fee (NAICOM) has known as on insurance coverage corporations to develop and introduce cyber insurance coverage merchandise in response to rising digital dangers.
This was acknowledged through the Insurers’ Committee Assembly held in Lagos on Wednesday.
Mrs. Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Administration Sub-committee, emphasised compliance with Nigeria’s Information Safety Laws.
Nwachukwu disclosed that insurance coverage practitioners have been urged to bear coaching on information safety measures.
“Given the worldwide digital transformation, NAICOM sees the necessity to develop cyber insurance coverage merchandise.
Operators ought to start engagements to roll out cyber insurance coverage merchandise,” she added.
She additionally famous that NAICOM is collaborating with the Nationwide Info Expertise Improvement Company (NITDA) and the Nigeria Information Safety Fee to advance this initiative.
Insurers to settle all resolved circumstances
The fee directed insurance coverage corporations to pay for all circumstances resolved by the regulator, as a part of efforts to sanitize the trade and enhance policyholder confidence.
This transfer goals to sanitize the insurance coverage sector by lowering complaints from policyholders and selling accountability amongst insurers
“The NAICOM Commissioner desires insurance coverage corporations to interact their brokers and prospects to scale back excellent claims,” she stated.
Aviation and third-party motor insurance coverage
NAICOM additionally addressed dangers in Nigeria’s aviation trade, emphasizing the necessity for higher safety measures.
- In accordance with Nwachukwu, discussions are ongoing to boost insurance coverage protection within the aviation sector.
“NAICOM urges assist for implementing third-party motor insurance coverage and seeks collaboration on its innovation lab,” she stated.
- On regulatory compliance, NAICOM urged insurance coverage corporations to satisfy all monetary reporting necessities to make sure transparency. The Commissioner additionally careworn the significance of solvency management inside the trade.
“The NAICOM Commissioner spoke on solvency management, stressing that CEOs should educate boards on the required solvency ranges for insurance coverage corporations,” she stated.
She additional acknowledged that the present solvency framework will likely be reviewed, as it’s primarily based on current capital necessities.
What you must know
The Nationwide Insurance coverage Fee (NAICOM) launched new regulatory necessities for all times insurance coverage corporations engaged in annuity enterprise in Nigeria.
- In accordance with a round issued by the Fee in Abuja, insurance coverage corporations should make use of no less than one certified actuary accountable for conducting and implementing Belongings-Legal responsibility Matching (ALM) evaluation.
- These corporations should submit ALM reviews quarterly, adhering to the Requirements of Actuarial Apply (NSAP). Firms unable to satisfy the extra regulatory bills should switch their annuity portfolio inside 180 days.
The round, efficient from February 1st, goals to make sure a secure and safe annuity enterprise whereas fostering greatest practices in managing annuity portfolios inside the Nigerian insurance coverage sector.
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