The National Insurance Commission has introduced stricter Know-Your-Customer requirements for all insurance contracts, making the submission of National Identification Numbers and Corporate Affairs Commission documents compulsory before any policy can take effect.
The directive, issued in a circular dated Friday and signed by the Deputy Director, Market Conduct & Complaints Bureau, Olugbenga Jaiyesimi, on behalf of the Commissioner for Insurance, mandates that individuals must provide their NIN, while corporate clients must submit their CAC incorporation documents prior to the inception of any cover, including Group Life policies.
NAICOM said the circular, titled “Re: Mandatory Submission of National Identification Number and Certificate of Incorporation as Material Information for All Insurance Contracts Including Group Life Cover,” is backed by Section 64(4) of the Nigerian Insurance Industry Reform Act 2025 and its powers under the NAICOM Act of 1997.
The regulator explained that the directive is part of efforts to enhance transparency and ensure full industry compliance with KYC standards. It stated that insurers and brokers must not accept or provide cover without first obtaining the required identity documents.
“The CAC documents referred to under this circular include the Certificate of Incorporation, Particulars of Directors, and Share Allotment (Status Update) of the intending entity,” the circular noted.
It further directed that all proposal forms must clearly reflect the new requirements. For Group Life insurance, underwriters and brokers must obtain a schedule containing employees’ names, dates of birth and NINs before coverage can commence.
NAICOM also instructed insurers to reject any risk presented without the mandatory NIN or CAC documentation.
For active policies already issued without proper identity records, insurers have until April 30, 2026, to obtain and link the missing information to customers’ profiles. The Commission also ordered insurance firms, brokers and agents to intensify customer sensitisation efforts to ensure widespread compliance.
NAICOM warned that it will closely monitor adherence and impose sanctions on any insurer or intermediary that fails to obtain or submit the required information.
In response, some underwriting firms have begun urging customers to update their records. SUNU Assurances Nigeria, in a post on X, said: “By 31 December 2025, all new and existing customers must update their insurance details to meet NAICOM requirements… It is now a compulsory step for obtaining any insurance policy.”
