Transcription of NATIONAL INSURANCECOMMISSION} - …
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01 NATIONALINSURANCECOMMISSION}GUIDELINESFO R MICROINSURANCEOPERATIONIN NIGERIA1st CONTENTSC ontentSECTION1:OVERVIEWI ntroductionObjectivesConceptofM;cro;nsur anceScopeofM;cro;nsuranceSECTION2:MICROI NSURANCEMARKETSTRUCTUREC lassificationofMicroinsuranceUnderwriter sMicroinsuranceDistributionChannelsServi celevelAgreementSECTION3:REGISTRATIONREQ UIREMENTSECTION4:PRUDENTIALSTANDARDSM inimumCapitalRequirementStatutoryDeposit LiquidityStatusSolvencyMarginGeneralRese rve(LifeFunds)ContingencyReserveInvestme ntsReinsuranceActuarialValuationPricingP remiumPaymentRateofCommissionRiskManagem entPage333445566667777888999 IIPagel ..'SECTION5: CORPORATEGOVERNANCESECTION6: MARKETCONDUCTP roductsClaimsAdministrationConflictResol utionComplaintManagementConsumerProtecti onKnowYourClientRequirements(KYC)SECTION 7: SUPERVISORYREQUIREMENTSP roductPerformanceStatutoryReturnsandAcco untsInspectionCapacityBuildingAdvertisem entSECTION8: EXITISUSPENSION/CANCELLATIONC ancellation/SuspensionWindingUpMergersan dAcquisitionsSECTION9: FINESANDPENALTIESF inesandPenaltiesSECTION10:TRANSITIONA ppendix1-Glossary0/TermsAppendix/I - Scope0/MicroinsuranceAppendix111-Reg
iv. In addition, Microinsurance operation shall have the following features: a. Simplicity. The policies, conditions, procedures and marketing must be simple
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