By Adedapo Adesanya
The National Insurance Commission (NAICOM) has said foreigners who want to occupy key positions in Nigeria but do not have a bank account should produce the result of due diligence conducted by the individual’s home country’s insurance regulator.
This means if an American wants to occupy a leadership position in any insurance firm in the country and does not have a bank account, due diligence must be conducted by the National Association of Insurance Commissioners (NAIC), which serves as the standard-setting and regulatory support organisation in the United States.
This new policy was disclosed in a circular titled Circular on Due Diligence for Foreigners Without Bank Accounts in Nigeria distributed over the weekend by the Director, Policy and Regulation, NAICOM, Mr Pius Agboola, and signed by the Commissioner for Insurance, Mr Sunday Thomas.
“To ensure a seamless Fit and Proper Person’s Due Diligence Test’ for foreigners interested in occupying key positions in any insurance institution in Nigeria and/or do not have a bank account in Nigeria, the following due diligence requirement shall be met:
“A Report of Fit and Proper Person’s Due Diligence Test on the person/foreigner shall be sent directly to the Commission from the person’s Home Country Regulator, where such person(s) is/are coming from a regulated entity.
“A Report of Fit and Proper Person’s Due Diligence Test on the person/foreigner shall be sent directly to the Commission from the person’s Home Country Office or Country Office of Permanent Residence, where such person(s) is/are coming from a non-regulated entity,” the notice read.
The insurance regulator noted that all operators are required to ensure compliance with the directives contained in the circular.
