The National Insurance Commission has released the Guidelines for the Collection, Management, and Administration of the Insurance Policyholders’ Protection Fund exercise of the powers conferred on the Commission by the Nigerian Insurance Industry Reform Act 2025 and other extant insurance laws and regulations. According to NAICOM, all insurers, reinsurers and relevant insurance institutions are required to ensure strict compliance with this guidelines.
NAICOM stated that the Guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund.
Besides, it serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
The regulator cleared that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submission shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.
