The National Insurance Commission (NAICOM) kept seven loss adjusters active as of April 24 despite their operating licenses expiring between October and March.
Loss adjusters in Nigeria are intermediaries holding licenses to assess and evaluate claims on behalf of insurance companies.
NAICOM’s Guidelines on Licensing and Renewal of Insurance Institutions’ Licenses in Nigeria states,” Loss adjusting firms shall renew their license within six months to the expiry.”
But Y-Risk and Partners Loss Adjusters Ltd and Orient International Loss Assessors’ licenses expired in October, and Diamond Loss Adjuster Ltd, November, according to NAICOM’s online database of registered adjusters. Likewise those of PRO 1921 Loss Adjusters Ltd, Fenesteedal Loss Adjusters Ltd, and Jodad International Loss Adjusters—all expired in December.
However, NAICOM indicates as ‘active’ the status of these seven expired license holders as of April 24.
Worldstage in an email request for clarification asked to know the implications of NAICOM keeping active adjusters who would not renew their expired licenses, especially for policyholders seeking. The commission has yet to respond.
An insurance expert and former senior manager at NEM Insurance Plc told the newspaper the commission is a responsible body.
“The possibility of loss adjusters with expired license remaining active is very remote due to NAICOM proactive supervision,” Omoya Lawrence told Worldstage, referring to the Nigeria Insurance Industry Reform Act (NIIRA 2025) provisions.
Its section 49(1) compels loss adjusters to renew their licenses every five years—“or for such longer period as may be prescribed by the commission.
It also empowers the commission to inform, with intention to cancel their licenses, any adjusters that “knowingly or recklessly contravened the provision of this Act”.
NAICOM could not give its position on this in the email request Worldstage sent for comment and clarifications.
Among requirements the commission demands for license renewal are payment of renewal fees, a current Tax Clearance Certificate, and directors’ ownership interest in other insurance institutions.
NIIRA, in sections 48 to 50, states that any loss adjuster operating without license commits an offence, and is liable on conviction to a N500,000 penalty or a 12-month jail time.
