Magazine date:
Feb 2013 As of January 1, 2013, the Nigerian insurance code requires payment of the insurance premium before the entry into force of the coverage. But the State which is the primary insured is also the one reporting the most significant payment delays. The Nigerian insurance commission (NAICOM) has warned insurers that a 500 000 NGN (3 203 USD) fine will be levied if an insurance coverage is provided to a customer who fails to settle the premium. The authorities also threaten defaulting companies of the withdrawal of their license. Brokers have 48 hours to transfer premiums to insurance companies.