The National Insurance Commission, (NAICOM), has given insurance companies in Nigeria, guidelines for windows operations. This was stated in a circular released by NAICOM.
In the circular was stated the full guidelines for an insurance company to granted windows operations. NAICOM noted that any insurance company who wants to transact microinsurance business should obtain the commission’ approval.
Also the establishment of a microinsurance department in such insurance company must be subject to the insurance company board’s decision and such insurance company shall apply for operational license.
NAICOM mandated that the microinsurance department must be overseen by someone who has attained the position of the Assistant General Manager with atleast 7 years associate post Chartered Insurance Institute of Nigeria or 10 years experience working in an insurance company.
The National Insurance Commission, further stated that the financial records of the microinsurance department shall be separated from that of the conventional business and reinsurance arrangements shall be made as at when due.
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