Guidelines for implementation of Finance Act 2021 ready, says NAICOM

National Insurance Commission (NAICOM) has declared that having carefully studied provisions of the Finance Act 2021, especially on capital requirements, it has drafted regulatory guidelines, which will soon be issued during year for implementation.

 NAICOM’s Deputy Commissioner (Technical), Sabiu Abubakar, who disclosed this at a forum recently in Lagos, also submitted that the commission would commence a pilot Risk-Based Supervision (RBS) examination in eight insurance companies.

 He stressed that the commission did a pilot RBS examination in 2021 with seven companies and that the outcome had been sent to the affected underwriting firms.

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 Maintaining that NAICOM had started training its staff members, he said the RBS would commence in August ending.

 “The RBS team in collaboration with FSD Africa and local insurance operators are expected to ensure that they carry out capacity building of their staff members on RBS, as involvement of the operators in the industry remains crucial,” he stated.

   He said the RBS framework is very demanding in terms of human, technical capacity and other resources, adding that the commission hoped to commence full implementation of RBS between 2023 and 2024.

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