NAICOM offers parliatives to insurers to cushion effects of Covid-19

The National Insurance Commission (NAICOM) has announced the approval of some palliatives to insurers to help cushion the effects brought about by the deadly coronavirus (COVID-19).

This is contained in a circular signed by its Director, Policy & Regulation, Pius Agboola, for the Acting Commissioner for Insurance, Sunday Thomas, numbered: NAICOM/DPR/CIR/27/2020, dated, March 24, 2020.The circle which is entitled: Re: Palliatives as a Result of the Impact of Coronavirus (COVID-19) on Insurance Operators and sent to all insurance operators, noted that due to the negative impact of coronavirus (COVI 0-19) on the mobility/interaction of persons as well as the conduct of business in Nigeria and the World over, it has reviewed the potential impact on the insurance sector and has taken measures such as an extension of the submission of first-quarter returns by one month, in the interim.
The commission noted that “Waivers will be granted in respect of delayed submission of the renewal documents (by Insurance brokers, Loss adjusters and Insurance agents) during the period the COVID-19 pandemic and that all meetings it had earlier scheduled to hold have been suspended till further notice”

The commission added that Insurance principles hinges/centers on prevention which is better than control measures, urging Insurance operators are to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria occasionally.