The National Insurance Commission (NAICOM) as part of measures to cushioning hardship of coronavirus in the sector has extended the submission of first quarter returns of insurance companies by one month.
According to the statement in a circular to all insurance operators on Tuesday titled, “Palliatives as a result of the impact of coronavirus on insurance operators.”
NAICOM stated that due to the negative impact of coronavirus on the mobility interaction of persons as well as conduct of business in Nigeria and the world over, the commission has reviewed the potential impact on the insurance sector and has taken the following measures.
“Submission of first quarter returns has been extended by one month in the interim.
“Waivers will be granted in respect of delayed submission of renewal documents (by insurance brokers, loss adjusters and insurance agents) during the period of the COVID-19 pandemic.
Meanwhile “All meetings earlier scheduled to hold with the commission have been suspended till further notice.”