NAICOM Cancels State Insurance Producer Policy

 NAICOM Cancels State Insurance Producer Policy

The National Insurance Commission has cancelled the State Insurance Producer policy.

NAICOM disclosed this in a circular on ‘Withdrawal of State Insurance Producer Operational Guidelines’, which was released by the commission on Thursday and signed by the Director, Policy and Regulation, Agboola Pius.

Part of the circular read, “Pursuant to the powers conferred by the enabling laws, the commission hereby withdraws and cancels the circular dated November 19, 2018, with reference number NAICOM/DPR/CIR/17 /2018 and titled “Operational Guidelines on State Insurance Producer.”

NAICOM stated that the withdrawal and cancellation took an immediate effect.

The President, the Nigerian Council of Registered Insurance Brokers, Mr Shola Tinubu, said it was a positive development which was well appreciated.

“It shows we have a listening commissioner who is often touched by the feelings of the operators it superintends over,” he said.

Recall that NAICOM released the operational guidelines to commence the operations of the SIP in the country recently. In the guidelines, the commission sets January 1, 2019, as the take-off date, and N2m licensing and registration fee for the operators.

But the NCRIB served NAICOM a 30-day pre-action notice to withdraw the SIP programme.

Ayomide Oyewole

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