What does Naicom do?
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties …
Who heads Naicom?
NAICOM. President Muhammadu Buhari GCFR being presented with the Highest Recognition as Grand Patron of the Chartered Insurance Institute of Nigeria (CIIN).
What are the functions of National Insurance Commission?
Functions
- Issue directives, directions, instructions and guidelines to insurers, reinsurers and insurance intermediaries.
- Issue licenses under Insurance Act 1061.
- Monitor the operations of the insurance market.
- Enforce compliance by licensees with the provisions of Insurance Act 1061 and any other relevant enactment.
Who are the regulatory insurance in Nigeria?
The National Insurance Commission (NAICOM) is the primary regulatory body for the insurance industry in Nigeria.
Which body regulates insurance companies?
Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.
How many types of insurance are there in Nigeria?
There are four major categories of insurance that exist in Nigeria.
How much does Tetfund pay their staff?
The TETFUND salary pattern is the same with all government agencies; salaries are paid based on your rank in the agency, this is done to maintain orderliness. Based on ranking system, employees of TETFUND are been paid, and the salary differs from N120,000 – N250,000 based on the level.
What is an insurance contract called?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).