1. Preamble

The National Insurance Commission was established in 1997 by NAICOM Act No. 1 of 1997 with the main objective of enhancing the effective administration, supervision, regulation and control of insurance business in Nigeria.

2. Vision and Mission Statement

(a) Vision

Assuring Nigeria’s wealth security is NAICOM’s concern for the future.

(b) Mission Statement

To promote discipline and standards that stimulate long-term viability of Nigeria’s Insurance Industry, positioning it for global competition.

(c) Slogan

NAICOMN ….. for a healthier Insurance Industry in Nigeria.

3. Services rendered by NAICOM

NAICOM was established to render the following services:-

(a) establish standards for the conduct of insurance business in Nigeria;

(b) approve rates of insurance premiums to be paid in respect of all classes of Insurance business;

(c) approve rates of Commissions to be paid in respect of all classes of insurance business;

(d) ensure adequate protection of strategic Government assets and other properties;

(e) regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria;

(f) act as adviser to the Federal Government on all insurance related matters;

(g) approve standards, conditions and warranties applicable to all classes of insurance business;

(h) protect insurance policy-holders and beneficiaries and third parties to insurance contracts;

(i) publish for sale and distribution to the public, annual reports and statistics on the insurance industry;

(j) liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government agencies on all matters relating to insurance contained in any technical agreement to which Nigeria is a signatory;

(k) contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute.

4. Services rendered to customers by the Commission

NAICOM renders service to the Insurance Industry, i.e. Insurance and Re-insurance Companies, Insurance Brokers, Insurance Loss Adjusters and Agents. It also renders service to the insuring public at large, government (Federal, State and local).

(i) Intra

Commission staff

Parastatals under the Federal Ministry of Finance

(ii) Inter

Federal Ministries

Federal Parastatals

Extra Ministerial departments

Governments (Federal, State and Local)

(iii) General Customers

Reinsurance companies

Insurance Companies

Insurance Brokers

Insurance Agents

The general insuring public

5. Performance Target and Customer Expectations

To work towards peaceful, orderly and well regulated insurance industry.

Claim payment within three (3) months or ninety (90) days.

Registration of companies within two (2) months or sixty (60) days.

6. Obligations of Customer

- To comply with the duties owed to the Commission as contained in the enabling Act – payment of levies, taxes, etc.

- To acquaint themselves with the contents of this charter.

- Follow approved procedure for registration and renewal of licence.

- File all necessary forms and information.

- Customers are expected to submit all required documents at inception.

7. Grievance Mechanism/Redress for Customers

Complaints Procedure

Dissatisfied customers should seek redress as follows:-

1. Evang. Lamido Ronald Lawa,

Nodal Officer, SERVICOM,

National Insurance Commissioner,

Jabi office,


Room: 121

Telephone No. 09/6724348

2. Chief O. E. Chukwulozie,

Chief Executive Officer/Commissioner for Insurance,

National Insurance Commission,

Shippers’ Plaza,

Michael Okpara Street,

Wuse Zone 5, Abuja.

Room: 1

Telephone No. 09/5238261

3. Ministerial Nodal officer,

Mr. A. I. Ukaomah,

Room 141, Headquarters office,

Federal Ministry of Finance,


Tel. No. 09/2340670

4. The Honourable Minister,

Federal Ministry of Finance,

7th Floor, Headquarters office complex,


Tel Nos. 09/2340932, 09/2346929

To achieve the above, the following functions are carried out by the Unit namely;

(a) Complaints/Communication: Complaints are received from the public or any aggrieved party against the insurance institution. This is attended to as appropriate and where an amicable settlement could not be reached through correspondence and adjudication session would be convened. Professionals in NAICOM will listen to parties and give its verdict on the subject. Every such opportunity is also used to educate the public/consumer about insurance product and principles with a view to helping the consumer be more responsible in providing for their own insurance needs. The complaints usually received deal with;

(i) Partial or total repudiation of claims

(ii) Premium paid or payable

(iii) Legal construction of the policy wordings

(iv) Delay in settlement of claims

(v) Non issuance of document after receipt of premium, etc.

Consistent report of claims default against an insurance company by customers is a sign of other serious problems with the company and which puts NAICOM on notice to investigate the Company.

(b) Compliance and Enforcement: The enforcement of the enabling laws i.e. NAICOM Act 1997, Insurance Act and Regulation 2003 are carried out by the Unit which ensures that the Companies are therefore made to fulfil their obligations to their customers under an insurance contract.

(c) Sections 70 & 78 (1) (b) Insurance Act 2003. These Sections provide that claims must be settled within 90 days once admitted and discharge voucher issued. Victims of Uninsured or Unidentified drivers are to be compensated pursuant to Section 78 (1) (b).

The Consumer Protection Unit reports directly to the Chief Executive and this makes for quicker implementation.

8. Stakeholder Participation

Reinsurance Companies

Insurance Companies

Insurance Brokers

Loss Adjusters

Insurance Agents

Federal, State and Local Governments



Extra-ministerial departments

Government Organisations

9. Limitations to Service Delivery

(i) When the public fail to submit relevant information, material facts/documents to the Commission.

(ii) When the public fail to fulfil their obligation.

10. Additional Commitment

Enlightenment of the general public on the importance of insurance.

Provide protection to the innocent third parties.

11. National Insurance Commission Contact Offices

1. Chief O. E. Chukwulozie,

Chief Executive Officer/Commissioner for Insurance,

National Insurance Commission,

Shippers’ Plaza,

Michael Okpara Street,

Wuse Zone 5, Abuja.

Room: 1

Telephone No. 09/5238261

2. Evang. Lamido Ronald Lawa,

Nodal Officer, SERVICOM,

National Insurance Commissioner,

Jabi office,


Room: 121

Telephone No. 09/6724348

3. Consumer Protection Unit,

National Insurance Commission,

Shippers’ Plaza,

Michael Okpara Street,

P. M. B. 457,

Wuse Zone 5, Abuja.

Telephone No. 09/5238268

4. National Insurance Commission,

Lagos Control office,

Alagbon, Ikoyi Road,

P. M. B. 80144,

Victoria Island,


Telephone No. 01/2672497, 2679531

5. National Insurance Commission,

Kano Zonal office,

Nigeria Social Insurance Trust Fund Building,

3rd Floor, NSITF Road,


Telephone Nos. 064/667283, 668163

6. National Insurance Commission

Enugu Zonal office,

C/1 Presidential Road,


Enugu State.

Telephone No. 042/453
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