BY NGOZI ONYEAKUSI

‎L-R: Pastor Ikechukwu Udobi, President, ILAN; Mrs. Ekeoma Ezeibe, President, NCRIB; Dr. Usman Jankara, Deputy Commissioner Technical, NAICOM; Mr. Bonaventure Okhaimo, MD/CEO, NCGG; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, NAICOM; Mrs. Ebelechukwu Nwachukwu, Deputy Chairman, NIA; and Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner Finance and Administration, NAICOM.
at the 21st Insurers comittee meeting in Lagos

The National Insurance Commission (NAICOM) yesterday  highlighted the commission’s move to fully enforce the mandatory linkage of National Identification Numbers (NIN) and Corporate Affairs Commission (CAC) documentation to all insurance policies.

The directive, which stakeholders described as a “No NIN, No Cover” regime for individual policyholders and a corresponding “No CAC, No Cover” requirement for corporate entities was aimed at sanitising industry data, strengthen compliance standards, and improve operational transparency.

SUPERNEWS Nigeria recalls that the directive forms part of enhanced know-your-customer (KYC) requirements aimed at improving identity verification in insurance transactions.

According to the commission, every insurance policy must be directly linked to the policyholder’s NIN to ensure proper identification and accountability adding would apply to both individual and group insurance policies.

Under the new enforcement regime, insurers and brokers are prohibited from underwriting any risk unless the NIN of individual clients and relevant Corporate Affairs Commission documents for corporate clients have been obtained prior to policy inception
In a further tightening of compliance measures, NAICOM instructed insurance providers to reject outright any application that does not meet the documentation requirements at the point of submission.

For existing policies issued before the directive but still active without the required details, insurers were mandated to engage policyholders and update their records before the April 30, 2026 deadline, which has now elapsed.

The commission emphasised that operators must work closely with brokers and agents to intensify awareness among customers, ensuring that policyholders understand the importance of complying with the new requirements.

Addressing the media at 21st Insurers Committee Meeting held in Lagos, the Chairperson of the Communication and Stakeholders Engagement Sub-Committee of the Insurers’ Committee,  Mrs Ebelechukwu Nwachukwu noted that the Commissioner for Insurance, Mr Olusegun Omosehin in his remarks at the meeting highlighted the NIN enforcement even as she assured that no claims will be paid to organisation or individual whose NIN has not been updated.

Earlier in his opening remarks, the Commissioner reaffirmed NAICOM’s commitment to fostering a robust and policyholder-centric insurance ecosystem.
He emphasized that sustained progress will depend on deeper collaboration among insurers, banks, fintechs, and regulatory institutions, underpinned by forward-looking policy and regulatory frameworks.
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‎The Committee collectively agreed on the need for coordinated and deliberate action to address structural constraints, accelerate innovation, and strengthen consumer trust in the insurance sector.

Particular emphasis was placed on leveraging technology and cross-industry synergies to drive insurance penetration and improve service delivery outcomes nationwide.
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‎On performance and service delivery, the Committee noted NAICOM’s strong standing, currently ranked 1st in the Business Finance & Risk Optimization Cluster and 9th overall on the PEBEC Reform Tracker, reflecting continued progress in regulatory efficiency and sectoral reforms.