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NATIONAL Insurance Commission (NAICOM) says implementation of new corporate governance guidelines for the insurance industry will commence on June 1.
In a publication on its website, NAICOM implored all insurance and reinsurance firms to comply with the guidelines along with the Nigerian Code of Corporate Governance 2018.
The commission explained that the principal objective of the new guidelines was to ensure effective administration, supervision, regulation and control of the insurance business in Nigeria, adding that Section 11 C and 51 C of the Financial Reporting Council of Nigeria (FRCN) Act, 2011 confers on the FRCN the power to ensure good corporate governance practices in public and private sectors of the Nigerian economy.
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