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This was established in 1987 to replace the Nigeria Supervisory Board. NAICOM controls, supervises, regulates, and administers insurance business in Nigeria.
Functions of the National Insurance Commission (NAICOM)
1. To protect the insurance policy holders
2. To monitor the complaints submitted against insurance companies
3. To establish standards for the conduct of insurance business
4. To protect the interest of members
5. To ensure good code of governance in the corporation
6. To maintain an effective administration in the insurance business.
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