NAICOM Mandates Insurers To Upload Additional Documents For Post Placement Report

The National Insurance Commission (NAICOM) has mandated insurance companies in the country to connect to and upload required documents for all form of licensing on the NAICOM Portal.

The commission, who disclosed this in a circular signed by the director, Policy & Regulation, NAICOM, L.M Akah, on behalf of the commissioner for Insurance, tagged NAICOM/DPR/CIR/47/2023, dated 15th of March, 2023, a copy of which was sighted by LEADERSHIP yesterday, noted that, for all Approval in Principle, there are additional requirements to be provided during applications for post placement report.

The regulatory body listed the requirements to include: “Evidence of premium collection from the insured which should be a bank statement signed, stamped and dated by the issuing bank(s); Bank statement evidencing of premium remittance to co-underwriters and local reinsurers which should be stamped, signed and dated by the issuing bank(s) and Evidence that the foreign broker(s) remitted premium to foreign insurer(s) should be telex copy or any other verifiable means of payment.”

Stating that, any company that has filed post placement report on the portal from January 2022 to date is now required to update their records with the three issues enumerated above and refile, NAICOM said such update should be completed on or before 30th of April, 2023.

“Any documentation for post placement report going forward should take cognizance of and apply the three requirements mentioned above,” it pointed out.