COVID-19: NAICOM Extends Insurers’ Account Submission Deadline

The National Insurance Commission has extended the submission of first quarter returns of insurance companies by one month as part of efforts of efforts to fight against coronavirus in the sector.

NAICOM disclosed this in a circular to all insurance operators on Tuesday titled, “Palliatives as a result of the impact of coronavirus on insurance operators.”

The circular stated, “Due to the negative impact of coronavirus on the mobility interaction of persons as well as conduct of business in Nigeria and the world over, the commission has reviewed the potential impact on the insurance sector and has taken the following measures.

“Submission of first quarter returns have been extended by one month in the interim.

“Waivers will be granted in respect of delayed submission of renewal documents (by insurance brokers, loss adjusters and insurance agents) during the period of the COVID-19 pandemic.

“All meetings earlier scheduled to hold with the commission have been suspended till further notice.”