NEWSLETTER ON THE OPERATIONAL GUIDELINES FOR INSURANCE WEB AGGREGATORS ISSUED BY NAICOM

In exercise of the powers conferred by the National Insurance Commission Act, 1997 (the NAICOM Act) the apex regulator of the insurance industry, the National Insurance Commission (NAICOM or the Commission) recently issued the Insurance Web Aggregators Operational Guidelines (the Guidelines), which became effective as of the 1st of February 2022. The Guidelines outline the framework which governs the registration, supervision and monitoring of relevant participants in insurance web aggregator services (Aggregator Services) and are to be complied with by all Web Aggregators and Insurers respectively carrying on insurance business through web aggregation in Nigeria.

We consider in this newsletter, the key highlights of the Guidelines, the process for application for the grant of a Web Aggregator’s licence, code of conduct of web aggregators, non-permissible activities and other key provisions of the Guidelines.

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