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

Answer Details

The body charged with the responsibility to promote and uphold universally accepted standards in insurance business is the Nigeria Insurance Commission (NAICOM). NAICOM is the regulatory body responsible for overseeing and regulating the insurance industry in Nigeria. Its primary role is to promote the growth, development, and regulation of the insurance industry in Nigeria, and to ensure that insurance companies and intermediaries adhere to internationally recognized standards and best practices. NAICOM has the responsibility to register and regulate insurance companies and intermediaries, to ensure that they operate within the legal framework and comply with the rules and regulations governing the industry. It also has the responsibility to monitor and supervise the financial activities of insurance companies to ensure that they are financially stable and capable of meeting their obligations to policyholders. Overall, NAICOM plays a crucial role in ensuring that the insurance industry in Nigeria operates in a fair, transparent, and efficient manner, and that the interests of policyholders are protected.