NAICOM sets June 1 for execution of corporate governance guidelines

The National Insurance Commission (NAICOM) has announced that the implementation of the insurance industry’s corporate governance guidelines will commence on June 1, 2021.

The Commission made this known in a publication on its website disclosing that, the guidelines was issued on March 17, 2021, and implored all insurance and reinsurance firms to comply with the guidelines and the Nigerian Code of Corporate Governance 2018.

According to NAICOM, noncompliance with the Nigerian Code of Corporate Governance (NCCG)

2018 and these guidelines shall be a violation of Section 49(1)b of the National Insurance Commission Act 1997 and attracts penalty under Section 49(5) of the Act.

The Commission stated that the FRCN issued the Nigerian Code of Corporate Governance (NCCG) 2018 to institutionalize corporate governance best practices in all Companies in Nigeria and repealed all other sectorial codes.

The guidelines according to NAICOM shall be read and interpreted in conjunction with the provision of NCCG 2018 and replaces the NAICOM Code of Good Corporate Governance for the Insurance Industry 2009; and all insurance and reinsurance companies are to

comply with it and the Nigerian Code of Corporate Governance 2018.