All new insurance policy documents will be noil and void if the National Identification Number is not reflected in the policy with effect from April 30, 2026. This date, The Commissioner for Insurance, National Insurance Commission NAICOM, Olusegun Ayo Omosehin says is sancrosanct.
Omosehin disclosed this yesterday in Lagos at a Media Interactive Session, pointing out that it should not be seen as unnecessary by policyholders its required in all transactions in other sectors of the economy and insurance industry he noted, are laggards in adopting NIN as an integral part of requirements for purchasing policies.
He cleared that insurance policies already purchased will continue to be valid until the policy elapsed at that point, renewal of policy will not be concluded without NIN requirement satisfied.
He said the purpose is to protect the transaction and the interest of parties to the insurance contract and also an hedge against fraud and ultimately bring insurance to same level deflating incidents of fraud.
Featured Picture: L-R: Rasaaq Salami, Director of Human Resources and Administration, National Insurance Commission (NAICOM); Oluwatoyin Charles, Director, Supervision; Olusegun Omosehin, Commissioner for Insurance (CFI)/CEO, NAICOM; Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance, Finance & Administration, and Talmiz Usman, Director, Legal, Enforcement, during the CFI media Interactive session as part of its strategic communication and stakeholder‑engagement initiatives on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, and the ongoing recapitalization exercise and other key industry‑wide reforms, in Lagos, on Wednesday.
