The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all Insurance Institutions on Tuesday, the regulator also set May 31, 2026 as deadline for insurers to submit their assessment returns for the 2025 financial year.
TVC News Online reports that the Nigerian Insurance Industry Reform Act signed into law by President Bola and made provision for the Insurance Policyholders’ Protection Fund, a move meant to deepen insurance penetration in the country.
The Commission said the guidelines were issued in exercise of its powers under the Nigerian Insurance Industry Reform Act 2025 and other existing insurance laws and regulations.
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The framework is intended to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a
comprehensive regulatory framework for the collection, management, and administration of the
Fund which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the
reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be
submitted to the Commission not later than 31st May 2026, while subsequent submission shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
