Pius Agboola, Director, Policy and Regulations, NAICOM, for the Commissioner of Insurance, said the guidelines were in furtherance to the commission’s earlier circulars referenced: NAICOM/DPR/CIR/25/2019, dated May 20, 2019; July 23, 2019; and December 30, 2019 respectively on the subject matter.
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The National Insurance Commission has granted some regulatory forbearance as part of business continuity measures to ensure availability of insurance services and protection of insurance policy holders during the COVID-19 movement restriction.
The commission said this was despite claims of some of the operators that they had met the requirements.
A Circular by the Commission, with No: NAICOM/DPR/CIR/25-03/2019/DECEMBER 30, 2019, signed by Pius Agboola, Director, Policy and Regulation, NAICOM, for the Acting Commissioner for Insurance, Sunday Thomas, conveyed the new directive to all insurance and reinsurance companies
According to Salami, Barineke Thompson, the Director Inspectorate, had been redeployed as the Director, Supervision and Pius Agboola, Director Authorisation and Policy, is now the Director, Inspectorate.