By Sola Alabadan
The National Insurance Commission (NAICOM) has given insurance operators a deadline of May 31 to submit the Insurance Policyholders’ Protection Fund (IPPF) Assessment Returns in respect of the year 2025.
According to the circular issued by NAICOM today, subsequently the insurance operators are required to submit the IPPF Assessment Returns in line with Section 4.3 of the Guideline on Fund.
Section 4.3 of the Guideline provides that “An insurer or reinsurer shall submit to the Commission an IPPF Assessment Returns on or before 31st March of each year indicating the gross written premium and brokerage commission in a prescribed format in respect of assessment period”.
NAICOM issued the Guidelines for the Collection, Management, and Administration of the IPPF in exercise of the powers conferred on the Commission by the Nigerian Insurance Industry Reform Act 2025 and other extant insurance laws and
regulation.
The Guidelines ensure regulatory clarity, guidance and ease compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the
Fund which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the
reimbursement of loans by an insurer or reinsurer.
All insurers, reinsurers and relevant insurance institutions are required to ensure strict compliance with this Guidelines.
