The body charged with the responsibility to promote and uphold universally accepted standards in insurance...

Insurance

WAEC 2016

The body charged with the responsibility to promote and uphold universally accepted standards in insurance business

A. Nigeria council of registered insurance brokers
B. chartered insurance institute of Nigeria
C. National insurers association
D. Nigeria insurance commission

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Correct Answer: Option D

Explanation

The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.

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