NAICOM Releases Guidelines To Regulate Insurtech Operations    - News Agency Of Nigeria

NAICOM Announces New Insurtech Guidelines in Nigeria

The National Insurance Commission (NAICOM) has introduced a set of comprehensive guidelines aimed at regulating Insurtech operations in Nigeria. These new rules will take effect from August 1, signaling a significant move toward overseeing the rapidly evolving landscape of insurance technology.

Key Elements of the Guidelines

According to the announcement, the guidelines will cover various aspects of Insurtech activities, ensuring both compliance and innovation in the sector. Some notable areas addressed include:

• Licensing requirements: Companies operating in the Insurtech space will need to adhere to specific licensing processes.
• Consumer protection: The guidelines emphasize the importance of safeguarding customers, which is vital as more consumers turn to digital insurance solutions.
• Capital requirements: New financial prerequisites will ensure that Insurtech firms are adequately capitalized to support their operations.
• Data security: Policies will also focus on how Insurtech companies handle customer data, reinforcing the need for strong data protection protocols.

Impact on the Industry

This regulatory framework comes at a crucial time, as Insurtech continues to grow in popularity, driven by changing consumer behaviors and technological advancements. The guidelines aim to strike a balance between fostering innovation and ensuring a safe environment for both companies and consumers.

Industry players, including startups and established insurance firms, will need to familiarize themselves with these new regulations to operate successfully. This oversight could lead to more robust operating standards across the sector, ultimately benefiting consumers through improved services and protection.

Looking Ahead

As the Insurtech space evolves, these guidelines may serve as a foundation for further regulatory development, leading to a more structured insurance landscape in Nigeria. It will be essential to monitor how these policies are implemented and their effects on the industry.

Original Source: https://nannews.ng/2025/07/30/naicom-releases-guidelines-to-regulate-insurtech-operations/