• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NAICOM Targets Effective Risk Mgt, Releases 3 Operational Guidelines For Sector

by Mark Itsibor
2 years ago
in Business
NAICOM
Share on WhatsAppShare on FacebookShare on XTelegram

The National Insurance Commission (NAICOM) has released new code of conduct for operators in the nation’s insurance industry with a focus on effective risk management and internal control framework. 

Advertisement

The new guidelines that were released yesterday are ‘insurance regulatory sandbox operational Guidelines; market conduct guidelines for Takaful and Retakaful Insurance operators; and enterprise risk management framework for Takaful and Retakaful operators in Nigeria.

Under the insurance regulatory sandbox, the aim is to provide insurance institutions, other firms and persons the opportunity to test business models, products and services that will enhance efficiency in meeting consumers’ needs, encourage innovation that will drive financial inclusion and positive competition, and promote and deliver economic benefits, by lowering the cost of business operations.

By the new guidelines, NAICOM expects all Operators to ensure compliance with the new guidelines to the benefit of all stakeholders. Attached are the various guidelines for your necessary action, corporate communication and market development for the commission, ‘Rasaaq ‘Salami said. 

On Takaful and Retakaful Insurance, NAICOM said it intends to establish minimum risk management standards for Takaful Insurance Operators (TIOs) in Nigeria. 

RELATED

Inflationary Pressures Hamper Business Operations

Economic Reforms Drag Business Activities To 7-month Low

5 hours ago
NNPC Declares N674bn Profit For 2021

NNPC, IPPG Chart Path To Delivering 3m Barrels Per Day Oil Target By 2030

5 hours ago

This guideline discusses how management of risks inherent in the TIO shall be implemented as a TIO is exposed to risks that may affect its ability to achieve its objectives or even its continuing existence.

This guideline was designed to articulate principles that may be applied to a variety of circumstances, and does not prescribe specific quantitative standards. “This is for practical reasons; differences in the environments in which different TIOs Operate, as well as differences in their operational Frameworks, mean that a detailed prescription that might be calibrated to suit one entity would not necessarily be suitable for others,” the guideline read in part.

Part of the requirement for operation under the Takaful and Retakaful Insurance is that all Takaful Insurance Undertaking shall establish and maintain a sound ERM framework to support the adequacy of its solvency and comply with all relevant Sharī`ah rules and principles.

“This framework shall be comprehensive in nature, dealing with all reasonably foreseeable and relevant material risks of the funds making up the Takaful Undertaking, and shall be formalized through a set of policies, consistently applied, the TIO’s approach to determining the appetite for risk, its process for managing risks and its Governance related to risk.

“A Takaful and Retakaful Operator shall establish a process for identifying, assessing, controlling, mitigating and monitoring all reasonably foreseeable and relevant material risks. This must be developed having regard to the Company’s Risk Management philosophy, Shariah principles, set of shared beliefs, attitudes, values, culture and operating style,” the guideline said. 

NAICOM said there must be defined risk appetite which Shall state the amount of risk the Company is willing to accept the company must be clear about who is in charge of risk oversight, assign authority and responsibility and set out an appropriate organizational structure.

Under its risk assessment, response and control level, NAICOM expects all Takaful operators to have a process for estimating each risk, the probability that it will occur, the likely consequences if it does, when it could occur, and the possible means of avoiding, mitigating or transferring it. This process may commence at the same time as risk identification, as those who identify a risk frequently contribute to its assessment.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: NAICOM
SendShareTweetShare
Previous Post

NESG, Nigerian NABII Demand More Investment For Impact In Nigeria

Next Post

LP Urges IGP To Arrest Of Anyone Calling For Interim Govt

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Inflationary Pressures Hamper Business Operations
Business

Economic Reforms Drag Business Activities To 7-month Low

2025/07/02
NNPC Declares N674bn Profit For 2021
Business

NNPC, IPPG Chart Path To Delivering 3m Barrels Per Day Oil Target By 2030

2025/07/02
Customs Recovers N72.4m From Importers At Lagos Seaports
Business

Group Discusses Intermodal Cargo Evacuation From Seaports

2025/07/02
LEADERSHIP Awards: Aradel Holdings Plc Is Oil And Gas Local Content Champion Of The Year 2023
Business

Aradel Holdings, Wema Bank Join NGX 30

2025/07/02
Minister Faults OPEC Data, Insists Nigeria Produces 1.7m Barrels Of Oil Daily
Business

Revive Dormant Oil Assets, Lokpobiri Tells Operators

2025/07/02
SDGs Debunks Report Of Paying N141.1m To Restaurant
Business

SDGs: $31.5bn Annual Development Funding Gap Threatens 2030 Timeline

2025/07/02
Leadership Conference advertisement

LATEST

Australia Cancels Kanye West’s Visa Over Nazi-themed Song  

210 Terrorists Surrender To MNJTF Troops In Lake Chad

Reps Minority Leader Decries Monetisation Of Politics, Warns Against Exclusion

Supreme Court Reserves Judgement In Edo Gov’ship Election Appeal

JUST-IN: Abuja Hotel Cancels Opposition Coalition’s Booking To Unveil ADC Leaders

Israel Agrees To 60-day Ceasefire With Hamas — Trump 

Italy Approves 500,000 Work Permits For Foreigners

CREDICORP Targets Empowerment Of 3,700 Women Via Credit Scheme

JUST-IN: Court Sentences Final Year Student To Death Over Murder Of Teacher 

College Suspends Provost, Registrar, Bursar Over Alleged Certificate Fraud In Oyo 

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.