--- title: NAICOM Limits Insurtech Firms From Oil, Gas, Marine, Crypto Businesses description: "\"Learn about the new guidelines set by NAICOM for insurtech companies, restricting their involvement in high-risk sectors such as oil and gas, marine, and cryptocurrency transactions.\"" image: https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg --- 1 min read # NAICOM Limits Insurtech Firms From Oil, Gas, Marine, Crypto Businesses [![Picture of Insurance Nerds Editorial Team](https://insnerds.com/hubfs/insurance_nerds_logo.png) Insurance Nerds Editorial Team ](https://insnerds.com/news/author/insurance-nerds-editorial-team) : Jul 31, 2025 8:37:03 AM ![NAICOM Limits Insurtech Firms From Oil, Gas, Marine, Crypto Businesses](https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg) ### New Guidelines for Insurtech Companies The National Insurance Commission (NAICOM) has announced new guidelines that restrict insurtech firms from participating in certain high-risk sectors. This includes industries such as oil and gas, marine, and aviation. Additionally, these companies will be prohibited from engaging in cryptocurrency transactions. ### Key Restrictions Under the new guidelines, the following restrictions are now in effect: - Insurtech companies cannot engage in business within the oil and gas sector. - Participation in marine and aviation sectors is also off-limits. - Engagement in cryptocurrency transactions is banned. These measures aim to safeguard the insurance industry from the potential risks associated with these volatile sectors and transactions. ### Who Will Be Affected? These restrictions mainly impact insurtech companies that may have been looking to expand into these high-risk areas. Traditional insurance companies may not feel the same constraints, as they often have more established risk management frameworks in place. This move is likely aimed at clarifying the operational boundaries for newer, tech-driven firms in the industry. ### Conclusion In essence, NAICOM's latest guidelines are a step to ensure that insurtech firms operate within a safer and more regulated environment. While this may limit growth opportunities for some, it reflects a broader initiative to manage risks effectively in the insurance sector. Original Source: [https://businesspost.ng/general/naicom-limits-insurtech-firms-from-oil-gas-marine-crypto-businesses/](https://businesspost.ng/general/naicom-limits-insurtech-firms-from-oil-gas-marine-crypto-businesses/) - [Tweet](https://twitter.com/share) [![Relm Insurance Targets Fintechs](https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg) ](https://insnerds.com/news/relm-insurance-targets-fintechs) #### [Relm Insurance Targets Fintechs](https://insnerds.com/news/relm-insurance-targets-fintechs) ![Picture of Insurance Nerds Editorial Team](https://insnerds.com/hs-fs/hubfs/insurance_nerds_logo.png?width=30&name=insurance_nerds_logo.png) [Insurance Nerds Editorial Team](https://insnerds.com/news/author/insurance-nerds-editorial-team) : Jul 12, 2025 7:10:45 AM New Offerings for Financial Innovators Relm Insurance is stepping up its game with the launch of two new product lines, OMEGAFINTECH and NOVAFINTECH.... [Read More](https://insnerds.com/news/relm-insurance-targets-fintechs) [![Regulatory Risks in Insurtech: Lessons from SelectQuote's Legal Turmoil and Investor Due Diligence Strategies](https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg) ](https://insnerds.com/news/regulatory-risks-insurtech-lessons-selectquote-legal-turmoil-investor-due-diligence-strategies) #### [Regulatory Risks in Insurtech: Lessons from SelectQuote's Legal Turmoil and Investor Due Diligence Strategies](https://insnerds.com/news/regulatory-risks-insurtech-lessons-selectquote-legal-turmoil-investor-due-diligence-strategies) ![Picture of Insurance Nerds Editorial Team](https://insnerds.com/hs-fs/hubfs/insurance_nerds_logo.png?width=30&name=insurance_nerds_logo.png) [Insurance Nerds Editorial Team](https://insnerds.com/news/author/insurance-nerds-editorial-team) : Aug 15, 2025 4:13:34 PM Title: Understanding Regulatory Challenges in Insurtech Through SelectQuote's Experience A recent analysis sheds light on the regulatory challenges... [Read More](https://insnerds.com/news/regulatory-risks-insurtech-lessons-selectquote-legal-turmoil-investor-due-diligence-strategies) [![Q2 global insurtech funding declines 14.4%](https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg) ](https://insnerds.com/news/q2-global-insurtech-funding-declines-14-4) #### [Q2 global insurtech funding declines 14.4%](https://insnerds.com/news/q2-global-insurtech-funding-declines-14-4) ![Picture of Insurance Nerds Editorial Team](https://insnerds.com/hs-fs/hubfs/insurance_nerds_logo.png?width=30&name=insurance_nerds_logo.png) [Insurance Nerds Editorial Team](https://insnerds.com/news/author/insurance-nerds-editorial-team) : Aug 7, 2025 12:35:06 PM Q2 Insurtech Funding Sees Notable Decrease According to a recent report from Gallagher Re, global funding for insurtechs in the second quarter... [Read More](https://insnerds.com/news/q2-global-insurtech-funding-declines-14-4) ![](https://px.ads.linkedin.com/collect/?pid=7110236&fmt=gif) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Insurance Nerds Editorial Team", "url" : "https://insnerds.com/news/author/insurance-nerds-editorial-team" }, "datePublished" : "2025-07-31T12:37:03.000Z", "headline" : "NAICOM Limits Insurtech Firms From Oil, Gas, Marine, Crypto Businesses", "image" : [ "https://insnerds.com/hubfs/News%20Feed%20Featured%20Image.jpg" ], "mainEntityOfPage" : { "@id" : "https://insnerds.com/news/naicom-limits-insurtech-firms-oil-gas-marine-crypto-businesses", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://insnerds.com/hubfs/InsNerds%20Large%20print%20quality.png" }, "name" : "Insurance Nerds" } } ```