Nigeria’s National Insurance Commission (NAICOM) has issued operational guidelines for Insurtech businesses, establishing a unified regulatory framework for their licensing, operations and supervision in Nigeria following stakeholder consultation. The guidelines are intended to support responsible innovation and digital transformation while strengthening consumer protection and improving clarity on regulatory requirements. The framework introduces licensing routes for “Partnering Insurtech” firms, which may transact specified insurance classes in collaboration with licensed insurers, and “Standalone Insurtech” firms, which may transact insurance categories specified in their licence but are excluded from special risk products including Oil and Gas Insurance, Marine and Aviation Insurance, Retirement Life Annuity, and insurance of government assets and liabilities for Ministries, Departments and Agencies. Applications must follow procedures set out in Schedule I, and NAICOM may attach licence conditions. Licensed Insurtechs are required to meet prudential and market conduct expectations covering areas such as risk management, investments, actuarial standards and outsourcing under the Commission’s Prudential Guidelines, and disputes between Insurtechs and partner insurers must follow contractual arbitration before escalation to NAICOM, while consumers can refer unresolved transaction issues directly to the Commission. Existing insurance institutions and Insurtech firms operating under arrangements classified as Insurtech must fully comply with the guidelines within 30 days of 1 August 2025.

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