Insurance coverage policyholders are anticipated to submit their Nationwide Identification Quantity (NIN), {Bank} Verification Quantity, and standardised Company Affairs Fee (CAC) paperwork earlier than any insurance coverage contract is activated, going ahead, it was learnt.
To this finish, the Nationwide Insurance coverage Fee (NAICOM) has directed all insurance coverage corporations and brokers in Nigeria to make sure that purchasers submit these important info earlier than initiating a coverage
This directive, contained in a round dated October 22, 2025, and signed by the deputy director of the Market Conduct & Complaints Bureau, Olugbenga Jaiyesimi, on behalf of the commissioner for Insurance coverage, is in step with Part 64(4) of the Nigerian Insurance coverage Business Reform Act (NIIRA) 2025.
The brand new rule, in response to the round, is aimed toward strengthening transparency, identification verification, and Know Your Buyer (KYC) compliance throughout the insurance coverage sector.
“An insurance coverage underwriter and dealer shall not present or incept any insurance coverage cowl with out having obtained the BVN and NIN of the person consumer and CAC paperwork of the company consumer,” the round mentioned.
NAICOM added that, all proposal varieties should clearly restate the requirement for these identification paperwork, which have to be obtained earlier than the inception of any insurance coverage coverage, together with Group Life Cowl.
For group insurance policies, insurers and brokers are to gather schedules containing staff’ names, dates of start, BVNs, and NINs earlier than protection begins.
The regulator added that, any coverage already in pressure however missing these identification particulars have to be up to date by December 31, 2025, whilst underwriters are required to contact affected policyholders immediately or by intermediaries to acquire and hyperlink the data to buyer data.
Moreover, NAICOM ordered insurers and brokers to launch buyer consciousness campaigns to sensitise purchasers concerning the new requirement.
The regulator, subsequently, warned that any insurance coverage operator or middleman who fails to conform will face regulatory sanctions.
