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HomeNewsGuidelines on micro-insurance in Nigeria takes effect Jan.

Guidelines on micro-insurance in Nigeria takes effect Jan.

New guidelines that will moderate the practice of micro-insurance in Nigeria will come into effect 1 Jan. 2014, according to the regulatory National Insurance Commission (NAICOM).

Toward this end, NAICOM has inaugurated a 14-man steering committee, made up of representatives of stakeholders in the financial services, to assist in making the micro-insurance initiative successful, the private Nation newspaper reported Monday.

The committee is expected to, among others, develope the action plan for micro-insurance implementation in Nigeria, identify and make recommendations to NAICOM on issues that affect micro-insurance implementation in Nigeria and also make recommendations on possible improvement that can be made on regulatory and operational framework.

Micro-insurance products are designed for the low income market in relation to cost, terms, coverage and delivery mechanism.


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