Following the enactment of the Nigerian Code of Corporate Governance (NCCG) 2018 by the Financial Reporting Council of Nigeria (FRCN), the FRCN has engaged sector regulators to develop Sectoral Guidelines of Corporate Governance to provide detailed guidance on the implementation of the NCCG in those sectors, highlighting the specific compliance requirements for the industry. The National Insurance Commission (NAICOM) has therefore issued The Corporate Governance Guidelines for Insurance and Reinsurance Companies in Nigeria (the Guidelines) on 17th March 2021. These guidelines repealed the NAICOM Code of Good Corporate Governance for the Insurance Industry 2009 (the 2009 Code) with an effective date of 1 June 2021.
The principal objective of the Guidelines is to ensure effective supervision of the implementation of the NCCG in the insurance sector by emphasizing industry compliance standards and expanding on the specific corporate governance principles, the application of which are peculiar to the industry.
The Guidelines are to be read and interpreted together with the provisions of the NCCG.