Insurance in Nigeria

Islamic Insurance: Takaful Guideline Released By NAICOM

In line with the provisions of the 1997 Insurance Act, and the need to complement the current drive for Financial Inclusion to increase insurance penetration in Nigeria, the National Insurance Commission (NAICOM) hereby announces the release of its Takaful-Insurance Guidelines and Registration Requirements to the Insurance Industry and other stakeholders.

Consequently, all intending applicants seeking license from the Commission to transact takaful-insurance business in Nigeria must possess the followings:

·       Certificate of Registration as a full-fledge takaful-insurance Company in accordance with International best practice

·       Such a Company must have, as part of its name, words or terminologies  that connote takaful operations

·       The company must maintain a minimum deposit in a non-interest financial institution at all times

·       Provision for the establishment of an Advisory Council of Experts (ACE) must be made in the articles

        of the Company

·       Establishment of Investment Policy for the participants’ Risk Fund

Intending applicants (companies) are advised to visit the Commission’s website on www.naicom.gov.ng to access the guideline.

When in doubts, applicants are enjoined to seek further clarifications from the Commission.

                                                                 Ibrahim Hassan

Deputy Commissioner for Insurance (Technical)

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