The insurance regulator, the National Insurance Commission (NAICOM), says that new corporate governance guidelines for the insurance industry will be implemented wef 1 June.
In a statement on its website, NAICOM explains that the principal objective of the new guidelines is to ensure effective administration, supervision, regulation and control of the insurance business in Nigeria.
Failure to comply with the Nigerian Code of Corporate Governance (NCCG) 2018 and the new guidelines from 1 June shall be a violation of the National Insurance Commission Act 1997 and would attract a penalty.
NAICOM says that the Financial Reporting Council of Nigeria (FRCN) issued the NCCG to institutionalise corporate governance best practices in all companies in Nigeria and repealed all other sectoral codes. Therefore, the NAICOM in the exercise of its powers under the National Insurance Commission Act 1997 and in collaboration with the FRCN hereby issues its corporate governance guidelines to assist the implementation of the NCCG.