Insurance policyholders are expected to submit their National Identification Number (NIN), Bank Verification Number, and standardised Corporate Affairs Commission (CAC) documents before any insurance contract is activated, going forward, it was learnt.
To this end, the National Insurance Commission (NAICOM) has directed all insurance companies and brokers in Nigeria to ensure that clients submit these vital information before initiating a policy
This directive, contained in a circular dated October 22, 2025, and signed by the deputy director of the Market Conduct & Complaints Bureau, Olugbenga Jaiyesimi, on behalf of the commissioner for Insurance, is in line with Section 64(4) of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The new rule, according to the circular, is aimed at strengthening transparency, identity verification, and Know Your Customer (KYC) compliance across the insurance sector.
“An insurance underwriter and broker shall not provide or incept any insurance cover without having obtained the BVN and NIN of the individual client and CAC documents of the corporate client,” the circular said.
NAICOM added that, all proposal forms must clearly restate the requirement for these identity documents, which must be obtained before the inception of any insurance policy, including Group Life Cover.
For group policies, insurers and brokers are to collect schedules containing employees’ names, dates of birth, BVNs, and NINs before coverage begins.
The regulator added that, any policy already in force but lacking these identification details must be updated by December 31, 2025, even as underwriters are required to contact affected policyholders directly or through intermediaries to obtain and link the information to customer records.
Additionally, NAICOM ordered insurers and brokers to launch customer awareness campaigns to sensitise clients about the new requirement.
The regulator, therefore, warned that any insurance operator or intermediary who fails to comply will face regulatory sanctions.
