The National Insurance Commission (NIC) issued the Governance and Risk Management framework in 2015. The activities of NIC in 2016 was geared at ensuring that the principles and values set out in the Governance and Risk Management framework are embedded in the regulated entities operations.
To this end, the NIC organised a number of workshops for key stakeholders in the insurance industry to educate them on what is expected of them in relation to the Governance and Risk Management framework.
In addition, the NIC worked to ensure that all the regulated entities were appropriately capitalised as per the NIC requirements. This was coupled with on-site inspections to ensure that firms have adequate measures in place to mitigate the risks inherent in their operations.
