Towards Active Enforcement of the “No Premium, No Cover ” Provision of the Insurance Act 2003
The Nigerian insurance sector, despite its potential and government efforts to boost growth, remains stagnant due to unremitted premiums. Since 2013, the National Insurance Commission (NAICOM) has enforced the Insurance Act 2003’s Section 50(1), which prohibits credit-based insurance policies, by issuing guidelines for premium collection and remittance. Effective supervision and stakeholder cooperation are expected to resolve these persistent issues.