NAICOM stands for National Insurance Commission
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
The Commissioner For Insurance
The Commissioner for Insurance is statutorily the Chief Executive of the Commission and is responsible for the execution of the policies of the Commission as formulated by the Board and the day-to-day administration of the Commission. His tenure is for a period of 4 years in the first instance and may be reappointed for a further 4 years and no more.
The Commission operates under three (3) different Divisions namely: Commissioner For Insurance’s Division, Technical Division and, the Finance & Administration Division. Each Division is headed by the Executive Management. Under the CFI’ Division are: Legal and Board Secretariat; Corporate Affairs; Audit; Procurement; Information Technology; Research, Statistics and Corporate Strategy directorate. Under the Technical Division headed by the DCT are: Inspectorate Directorate; Authorization & Policy Directorate, Supervision Directorate; Enforcement & Compliance Unit and, Complaint Bureau Unit. The Finance and Administration Division headed by the DCF&A comprises of Finance & Accounts; Administration & Human Resources and Servicom Unit. Directors who head the various functional directorates of the Commission are formally appointed following a rigorous selection process. The Commissioner delegates various powers and functions to directors and staff reporting to him, to ensure that the Commission’s business is carried out efficiently and effectively. Delegations are reviewed regularly and delegates are expected to act in accordance with policies and procedures approved by the Commission.
The Commissioner and the two Deputy Commissioners set priorities, appoints and evaluates the performance of the directors, and approves delegations, budgets and business plans for each directorate. Through day-to-day contact with executive management and staff, and through written reports, the Commissioner stays informed about operational performance, finance, human resources, information technology and all other matters.
Decision Making Process
A Top Management Committee (TMC) meeting is held every second Wednesday of each month. Membership of the TMC includes the Commissioner, his two Deputy Commissioners and all Directors who are heads of the six Directorates. Other members are the Legal adviser and Heads of Enforcement & Compliance, Audit and Corporate Affairs Units.