Insurance coverage policyholders are anticipated to submit their Nationwide Identification Quantity (NIN), Financial institution Verification Quantity, and standardised Company Affairs Fee (CAC) paperwork earlier than any insurance coverage contract is activated, going ahead, it was learnt.
To this finish, the Nationwide Insurance coverage Fee (NAICOM) has directed all insurance coverage corporations and brokers in Nigeria to make sure that shoppers submit these very important data earlier than initiating a coverage
This directive, contained in a round dated October 22, 2025, and signed by the deputy director of the Market Conduct & Complaints Bureau, Olugbenga Jaiyesimi, on behalf of the commissioner for Insurance coverage, is in step with Part 64(4) of the Nigerian Insurance coverage Trade Reform Act (NIIRA) 2025.
The brand new rule, in keeping with the round, is geared toward strengthening transparency, identification verification, and Know Your Buyer (KYC) compliance throughout the insurance coverage sector.
“An insurance coverage underwriter and dealer shall not present or incept any insurance coverage cowl with out having obtained the BVN and NIN of the person consumer and CAC paperwork of the company consumer,” the round mentioned.
NAICOM added that, all proposal types should clearly restate the requirement for these identification paperwork, which should be obtained earlier than the inception of any insurance coverage coverage, together with Group Life Cowl.
For group insurance policies, insurers and brokers are to gather schedules containing workers’ names, dates of start, BVNs, and NINs earlier than protection begins.
The regulator added that, any coverage already in power however missing these identification particulars should be up to date by December 31, 2025, whilst underwriters are required to contact affected policyholders instantly or by intermediaries to acquire and hyperlink the knowledge to buyer data.
Moreover, NAICOM ordered insurers and brokers to launch buyer consciousness campaigns to sensitise shoppers concerning the new requirement.
The regulator, due to this fact, warned that any insurance coverage operator or middleman who fails to conform will face regulatory sanctions.
