NAICOM adjusts rules of insurers’ operations

The National Insurance Commission says it has given regulatory forbearance to insurance companies as part of business continuity measures to ensure availability of insurance services and protection of policyholders during the COVID-19 movement restriction.

In a circular to the regulated entities, the commission said where approval in principle for the preceding insurance period had been granted, all renewals or extensions of the foreign reinsurance proportions that became due during the COVID-19 movement restriction were permitted for renewal on existing basis.

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All post placement reports, reinsurance treaties and other related special risks foreign reinsurance documentations due for submission during the pendency of the COVID-19 restrictions are to be submitted when movement restrictions are lifted.

The commission stated that while all insurance and reinsurance placements must be done in accordance with other relevant extant laws, all submissions to the commission including hard copies sequel to the above forbearance must be done not later than seven days from the end of COVID-19 movement restrictions.

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