Micro-insurance: NAICOM unveils window for conventional insurer

As part of the ongoing pursuit to support financial inclusion and increase insurance penetration in the country, the National Insurance Commission (NAICOM) has announced its resolve to grant micro-insurance window operations to conventional insurance companies.
A circular dated November 30, 2020, with reference number NAICOM/DPR/CIR/32/2020, and signed by the Director, Policy and Regulation, Mr Leo Aka, on behalf of the commission said the directive took effect from yesterday, December 1, 2020.
The commission released operational requirements for the business, saying “henceforth, in order for a window operation to be granted to a conventional insurance company, the following requirements shall be met.
“The insurer shall seek and obtain approval of the commission to transact micro-insurance business; Board Resolution approving the establishment of a micro-insurance department, and that applicant shall apply for window micro-insurance national operation licence.

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