The National Insurance Commission (NAICOM) has introduced a new directive enforcing stricter Know-Your-Customer (KYC) requirements for insurance contracts.
As per the circular issued and signed by Olugbenga Jaiyesimi, Deputy Director of the Market Conduct & Complaints Bureau, on behalf of the Commissioner for Insurance, all individual policyholders must provide their National Identification Number (NIN), while corporate clients are required to submit Corporate Affairs Commission (CAC) documentation before any insurance contract can commence, including Group Life policies.
The circular, titled “Mandatory Submission of National Identification Number and Certificate of Incorporation as Material Information for All Insurance Contracts Including Group Life Cover,” was issued under Section 64(4) of the Nigerian Insurance Industry Reform Act 2025 and the powers granted to NAICOM by the NAICOM Act 1997.
The regulator said the move is aimed at enhancing transparency and ensuring the Nigerian insurance industry complies fully with KYC requirements.
The Commission emphasised that insurance underwriters and brokers must not provide or accept any insurance cover without first obtaining the required documentation.
For individual clients, this includes the NIN, while corporate clients must provide CAC documents.
The documents required from corporate clients include the Certificate of Incorporation, Particulars of Directors, and Share Allotment (Status Update) of the entity. These must be obtained before accepting or commencing any insurance risk.