COVID-19: NAICOM extends insurers’ deadline submission of Q1 returns

Offers palliative measures to underwriting companies
As part of measures to cushion effects of COVID-19 disruption to the economy, the National Insurance Commission (NAICOM) has extended time for submission of first-quarter returns to insurance operators by one month.

The measures were contained in a circular entitled, ‘Palliatives as a Result of the Impact of Coronavirus (COVID -19) on insurance operators’, dated March 27, 2020, with a circular number: NAICOM/DPR/CIR/27/2020, signed by Director (Policy & Regulation), Agboola Pius, for Acting Commissioner for Insurance and sent to all insurance operators.

The circular, however, noted that the one-month extension was in the interim, which could be further extended depending on the situation.

It also granted waivers to insurance brokers, loss adjusters and insurance agents during the period in respect of delayed submission of renewal documents.

NAICOM also suspended every stakeholder’s meetings earlier scheduled to hold with the Commission until further notice.

It called on operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.

The circular reads “due to the negative impact of coronavirus (COVID-19) on the mobility/interaction of person as well as to conduct of business in Nigeria and the world over, the Commission has reviewed the potential impact on the insurance sector and has thus taken the following measures:

“(a) Submission of first-quarter returns have been extended by one month, in the interim; (b) waiver 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 and (c) all meeting earlier scheduled to hold with the commission have been suspended till further notice.

“Insurance principles hinges/centres on prevention is better than control measures, therefore, insurance operators are advised to comply with safety precautions issued by the National Centre for Disease Control (NCDC)”.