The National Insurance Commission has scrapped the undocumented entry of foreign professionals into key positions in the insurance market.
The prevailing rule demanded in a recent circular, would ensure a seamless fit and proper’s due diligence test for foreigners “interested in occupying key positions in any insurance institution in Nigeria,” and do not have a bank account in Nigeria.
The due diligence demanded by the Commission, apply to regulated and non-regulated entities, and the method of filing information from professionals home country differs.
The fit and proper person’s test from regulated entity, specifies the due diligence be sent directly to the Commission from the person’s home country regulator.
However, when such person is from a non-regulated entity, a report of fit and proper person’s due diligence test shall be sent directly to the Commission from the person’s Home Country Office or Country Office of Permanent Residence.
NAICOM therefore, directed insurance operators to ensure compliance with the new requirement.