NAICOM Directs Insurance Customers to Link NIN to Policies
The National Insurance Commission (NAICOM) has issued a directive requiring all insurance companies and brokers in Nigeria to collect verifiable identity details—including the National Identification Number (NIN), Bank Verification Number (BVN), and Corporate Affairs Commission (CAC) documents for corporate clients—before initiating or renewing any insurance policy. The directive, effective immediately, is designed to strengthen market transparency, fight financial crime, and align insurance with national integrity standards. Policies already in force must be updated to include the required identity details by December 31, 2025. For group/corporate coverage, comprehensive employee lists with all relevant data must be provided before activation. NAICOM warned that insurers and brokers failing to comply will face regulatory sanctions. The agency encourages customer sensitisation campaigns and will monitor compliance closely to ensure a more secure, resilient, and competitive insurance sector.