The National Insurance Commission (NAICOM) has established a stricter regulatory line for Nigerian insurance companies, warning that any firms failing to meet contractual and claims obligations will face swift regulatory action.
Speaking at a recent press conference in Lagos, NAICOM Deputy Commissioner (Technical), Dr. Usman Jankara, explained that recent action taken against African Alliance Insurance Plc underscores this new regulatory standard. “What we have done with African Alliance is drawing a line; any company that crosses it will face appropriate action,” Jankara stated.
He emphasized that the commission would no longer accept reasons from companies that fail to meet their obligations to policyholders. “If a company is unable to pay claims, NAICOM will act—it’s not our role to listen to excuses,” he added, stressing that management teams are expected to fulfill their responsibilities.
NAICOM Commissioner Olusegun Omosehin echoed this stance, announcing that any directors or executives removed due to regulatory intervention would be permanently blacklisted by NAICOM. Such individuals, he said, would be prohibited from serving in executive roles within Nigeria’s insurance industry, urging them to seek employment outside the sector.
