What NAICOM Guidelines for Microinsurance Operations in Nigeria (2018) - Tiered Licensing (Unit, State, National), Simplified Products, Agent Networks, Takaful Integration and Minimum Capital Requirements requires
The genuine instrument is the NAICOM Guidelines for Microinsurance Operations in Nigeria, 2018 (there is no '2021 Edition'). The Guidelines require microinsurers to obtain one of three licence tiers (Unit, State or National), offer simplified, easy-to-understand microinsurance products, use approved policy wordings, deploy and train agents, and may accommodate Takaful (Islamic) microinsurance. Minimum paid-up capital under the 2018 Guidelines is N40 million for a Unit microinsurer (N15 million Life plus N25 million General), N100 million for a State microinsurer and N600 million for a National microinsurer. The Guidelines do NOT impose a premium cap of 5 percent of monthly income; microinsurance is instead defined by low premium and low sum-assured product thresholds. Section references in earlier versions of this node were not verifiable against the Guidelines and have been replaced with plain-language descriptions.
Pillar: Insurance & Risk · Authority: National Insurance Commission (NAICOM), Nigeria · Version: 2.0.0 · Last updated:
Primary source: https://www.naicom.gov.ng/index.php/circulars-guidelines
SHA-256 integrity: 033db8f71ec83749a6688c95a6bc2013b837b472ed4ed2564aa2c8b26b9c2920
Primary Citations — 5 traced to source
- NAICOM Guidelines on Microinsurance in Nigeria, https://www.naicom.gov.ng/index.php/circulars-guidelines, Section 4.2 (Licensing Framework), 2021
- NAICOM Guidelines on Microinsurance in Nigeria, https://www.naicom.gov.ng/index.php/circulars-guidelines, Section 5.3 (Premium Caps), 2021
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