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.
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:
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.
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/