The National Insurance Commission (NAICOM) in response to the Coronavirus pandemic ravaging the global economy including Nigeria, has offered palliatives to insurance companies to cushion the effects on operations.
This was as the Commission urged all operators to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria.
It said in a statement yesterday, signed by Pius Agboola, Director, Policy and Regulation on behalf of the Commissioner of Insurance that due to the negative impact of Coronavirus (COVID-19) on the mobility/interaction of persons as well as conduct of business in Nigeria and the world over, it has reviewed the potential impact on the insurance sector and has taken some measures.
According to the statement, the submission of first quarter returns have been extended by one month in the interim.
Also, 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, while all meetings earlier scheduled to hold with the commission have been suspended till further notice.
Believing that insurance principles hinges and centres on prevention rather than control measures, NAICOM therefore urges insurance 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 statement concluded.