NAICOM Bars Insurtech Firms from Participating in Businesses in Oil and Gas, Marine, Aviation, Other Sectors

The National Insurance Commission has currently barred insurtech firms from participating in businesses in the oil & gas, marine, aviation sectors, among others, and engaging in cryptocurrency transactions without its approval.

This was contained in the guidelines for insurtech operations in Nigeria, and disclosed by the regulator issued on Wednesday via its website.

Insurtech is derived from insurance and technology and refers to an institution that uses technological innovations to provide insurance services.

However, the new guidelines is expected to ttake effect by August 1, 2025, stating some non-permissible activities that insurtechs cannot participate in.

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…stay tuned for more!