Insurance Commission releases guidelines for Micro Insurance operations

The National Insurance Commission (NIACOM) says it has released a draft revised guidelines for Micro Insurance Operations in the country.

Mr Rasaaq Salami, the Head, Corporate Affairs of NAICOM said this in a statement in Abuja.

Salami said that the draft revised guidelines had been released to the market for inputs by stakeholders.

“The guidelines have already been sent to chief executive officers of all insurance and reinsurance companies.”

“They include Nigerian Insurance Association, Nigerian Council Registered Insurance Brokers, Enhancing Financial Innovation and Access for their various inputs.”

“All parties have until July 24 to forward their inputs to the commission,’’ he said.

Micro insurance is an insurance that is usually accessed by low income earners in the society.

The aim of the product is to ensure everybody is included and to increase the contribution of insurance to the country’s Gross Domestic Product.

It is also aimed at ensuring that insurance is known in all the nooks and crannies of the country.

NAICOM rolled out the guidelines on micro insurance to enable intermediaries to sell micro insurance in the sector.

The guidelines will guide intermediaries such as service providers, NGOs, trade associations among others that want to sell micro insurance products.