NAICOM tasks operators on harmonisation of returns

Chuks Udo Okonta 

The National Insurance Commission (NAICOM) has told insurance operators to harmonised their returns henceforth or face stiff sanctions.

The operators were mandated to commenced harmonization of their returns by April 1, 2015.

This warning was handed in a circular entitled, NAICOM/CFI/O/TECH/RTNS/2015, signed by the Director Supervision NAICOM, Nicholas Opara, who indicated that the new law is in furtherance to the commission's determination to enthrone regulatory clarity particularly with respect to regulatory returns requirements.

He noted that the harmonised returns are categorised into monthly, quarterly, bi-annually and annual basis, adding that the returns shall be submitted to the commission according to the regularity of returns, through the medium required and forwarded to the emails only for each, in the format prescribed and on separate sheet using the attached templates without modification and where both the hard and soft copies are required, they should be submitted as required.

Opara noted that the circular does not preclude companies from complying with other regulations and additional returns requirements as May be required by the commission