The National Insurance Commission as part of its strategic objective to drive innovation of products and services, ensure operators are professional in the conduct of their businesses in line with best practices.
The Commission has issued the following guidelines: Insurance Regulatory Sandbox Operational Guidelines, Market Conduct Guidelines for Takaful and Retakaful Insurance Operators, Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria. This is contained in a statement signed by the Head, Corporate Communication and Market Development, Rasaaq ‘Salami
The statement reels out that, the guideline will help in providing insurance institutions, other firms and persons the opportunity to test business models, products and services that will enhance efficiency in meeting consumers’ needs, as well as encourage innovation that will drive financial inclusion and positive competition, and to promote and deliver economic benefits, by lowering the cost of business operations.
The Commission expects all Operators to ensure compliance with the new guidelines to the benefit of all stakeholders.
