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National Insurance Commission

by Nigerian Information Directory on December 11, 2009 · 3 comments

National Insurance Commission is the apex regulatory body for the Insurance Industry in Nigeria backed by an enabling Decree 1&2 of 1997 and further the insurance Act 2003.  The supervisory and regulatory environment of Nigerian Insurance Industry is closely monitored and streamlined by the Commission in order to set a healthy standard in the insurance industry.

The National Insurance Commission in Nigeria resides within the Federal which is responsible for the management and control of all finances of the Nigerian Federal Government, as prescribed by the constitution of the country

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Nigerian Agricultural Insurance Corporation

by Nigerian Information Directory on December 10, 2009 · 0 comments

Nigerian Agricultural Insurance Corporation is wholly owned by the Federal Government of Nigeria. It was establish in 1987 to provide risk cover to Nigerian farmer’s. It is also the only existing insurance company owned by the Federal Government due to its unique socio–economic benefits to the populace.

The need for a specialized Agricultural Insurance Company to provide insurance cover to farmers was informed by Government’s concern over the vacuum created due to the unwillingness of conventional Insurers to accept Agricultural risks which they considered too risky. The implementation of the scheme was thus initially vested in the Nigerian Agricultural Insurance Company limited, which later turned into a corporation in 1993 by enabling decree No. 37 of 1993.

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