NAICOM seeks a stronger legal framework to effectively regulate Nigeria’s insurance industry, emphasizing policyholder protection, industry trust, and innovation, while addressing challenges like recapitalization and enforcing penalties.
This article discusses the critical preconditions for effective insurance supervision in Nigeria, highlighting the importance of sound macroeconomic policies, robust public infrastructure, market discipline, policyholder protection mechanisms, and an efficient financial market. It emphasizes the need for regulatory improvements to ensure a stable and thriving insurance industry.
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