The National Insurance Commission, the apex regulatory institution in Nigeria recently released a circular regarding the strict compliance with extant approved rates for the Country’s compulsory insurances.
In the circular dated 9th January, 2018 with Reference No. NAICOM/A&P/CIR/12/2018 and addressed to ‘All Insurance Institutions‘, the Commission highlighted the compulsory insurances and the applicable rates to which the Commission stated that it expected strict adherence.
Below are the list of compulsory insurances to which the circular applied:
- Group Life Insurance
- Builder’s Liability Insurance
- Occupiers Liability Insurance (Insurance for Public Buildings)
- Healthcare Professional Indemnity Insurance and;
- Motor Third Party Insurance
The Commission stated that it would monitor full compliance to the new circular and the Circular was signed by the Acting Director, Authorisation and Policy, Mr. L.M. Akah.
Follow the link below to view the full circular and approved rates.