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.
