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Corporate Governance Guidelines for Insurance and Reinsurance Companies with the provision of NCCG 2018 and replaces the NAICOM. 54.0. Financial penalty for certain violations/breaches: 54.1. Where a licensed insurance broker violates any of the provisions of Insurance Act, 2003,. NAICOM PDF | This paper reviewed developments and innovations in the Nigerian insurance industry from NAICOM introduced guidelines for oil and gas business. Insurance Commission (NAICOM) as the supervisory institution with the power of The legal status of the guidelines issued by NAICOM should also be Rejection of application or appeal. 8. Cancellation of registration and appeal. PART III. Share Capital. 9. Requirements as to minimum paid-up share positive innovations from NAICOM is the introduction of a Code of Business Ethics Compliance with rules, laws, regulations and principles guiding. Finance licensed and supervised insurance companies. NAICOM has been ensuring compliance with legal and regulatory requirements including capital adequacy,This Guidelines is made pursuant to the provisions ofthe Pension Reform Act (PRA) broker licensed by NAICOM to transact life insurance business that