31-07-2025
NAICOM releases new guidelines for insurtech operations in Nigeria
The National Insurance Commission (NAICOM) has released a new set of operational guidelines for Insurtech companies in Nigeria, effective August 1, 2025, in a bid to regulate the fast-growing segment of the insurance industry.
The NAICOM stated that the guidelines were unveiled following a series of consultations with industry stakeholders and are designed to provide a clear regulatory framework for the licensing, operation, and supervision of Insurtech firms nationwide.
It highlighted that the new rules will help drive innovation, protect consumers, and promote transparency in digital insurance services, while supporting Nigeria's broader transition toward a digitally driven financial ecosystem.
The guidelines apply to two categories of Insurtech operators: Partnering Insurtechs, which work in collaboration with licensed insurers, and Standalone Insurtechs, which operate independently under licences issued by the Commission.
According to NAICOM, Standalone Insurtechs are restricted from underwriting high-risk products such as oil and gas insurance, marine and aviation insurance, retirement life annuities, and insurance for government assets and liabilities.
The Commission said prospective operators must apply in line with the procedures outlined in Schedule I of the document.
Licensed Insurtechs are expected to comply with prudential requirements, including risk management, investment practices, actuarial standards, and outsourcing rules, as part of ongoing supervision.
In the document, NAICOM also introduced a dispute resolution mechanism under which disagreements between Insurtechs and their partner insurers must first be handled through arbitration, as specified in their contractual agreements, while consumers may escalate unresolved complaints to the Commission for redress.
The NAICOM stated that all existing Insurtech firms and insurance institutions operating within this framework must fully comply with the new guidelines within 30 days from the effective date.
It reiterated that the new framework is intended to boost confidence in digital insurance products and ensure that innovation does not compromise consumer protection.
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