NAICOM, Meaning, Establishment and Functions for SS 3

Class: SS 3
Term: First Term
Week: 9
Age: 16-17 years
Duration: 45 minutes
Subject: Insurance
Curriculum Theme: Regulatory Bodies and Professional Associations
Previous Lesson: Institute of Loss Adjusters of Nigeria, Functions and Membership
Topic: Meaning of NAICOM Establishment of NAICOM
Subject Matter: Regulatory body of NAICOM; Functions of NAICOM; Chartered Insurance Institute of Nigeria; (CIIN) cont

Specific Objectives

By the end of the lesson, pupils/students should be able to:

Cognitive Domain

• Define NAICOM.
• State the year and legal instrument that established NAICOM.
• List at least five functions of NAICOM.
• Explain the purpose of the Chartered Insurance Institute of Nigeria (CIIN).

Affective Domain

• Appreciate the importance of regulatory bodies in maintaining order and trust in the insurance industry.
• Participate actively in discussions regarding insurance regulation and professional standards.

Psychomotor Domain

• Identify a specimen NAICOM registration certificate.
• Summarize the key roles of NAICOM and CIIN.

Reference Materials

The following resources were used in planning this lesson:

• 2025 Revised 9 Years Basic Education Curriculum
• Relevant State Unified Scheme of Work
• Insurance for Senior Secondary Schools Textbook
• The HeadTeacher Scheme of work

Instructional Materials

The teacher will teach this lesson with the aid of:

• A resource person (an insurance personnel)
• Specimen document – NAICOM registration certificate
• Whiteboard and markers
• Charts displaying NAICOM’s functions and CIIN’s roles

Rationale for the Lesson

Understanding NAICOM and CIIN is fundamental for students studying Insurance, as these bodies govern the practice and professionalism of the industry. This lesson helps students grasp the regulatory framework and ethical standards that ensure consumer protection and industry stability. It provides practical insights into the operational environment of insurance in Nigeria.

Prerequisite/Previous Knowledge

Students should have a basic understanding of what insurance is, its principles, and different types of insurance policies.

Lesson Content/Board Summary

Meaning of NAICOM, Establishment and Functions

Meaning of NAICOM

NAICOM stands for the National Insurance Commission. It is the primary regulatory body responsible for overseeing and supervising the insurance sector in Nigeria. Its main objective is to ensure the effective administration, supervision, regulation, and control of the business of insurance in Nigeria.

Establishment of NAICOM

NAICOM was established by the National Insurance Commission Act of 1997. This Act repealed the Insurance Act of 1991 and established NAICOM as a corporate body with perpetual succession and a common seal. It commenced operations to regulate, supervise, and develop the insurance industry in Nigeria.

Functions of NAICOM

The key functions of NAICOM include:

1. Establishing standards for the conduct of insurance business in Nigeria.
2. Approving rates of insurance premiums and commissions.
3. Protecting the interests of policyholders, beneficiaries, and third parties to insurance contracts.
4. Ensuring adequate protection of insurance policyholders and beneficiaries.
5. Regulating transactions between insurers and reinsurers.
6. Issuing, renewing, withholding, or canceling insurance licenses.
7. Conducting investigations into insurance companies and brokers.
8. Enforcing compliance with insurance laws and regulations.
9. Promoting insurance education and training.
10. Mediating disputes between insurers and policyholders.

Chartered Insurance Institute of Nigeria (CIIN)

Meaning of CIIN

The Chartered Insurance Institute of Nigeria (CIIN) is the professional body for insurance practitioners in Nigeria. It is responsible for setting professional standards, providing education and training, and promoting ethical conduct within the insurance industry.

Roles of CIIN

The major roles of CIIN include:

1. Promoting insurance education and training through professional examinations and certifications.
2. Setting and maintaining high standards of professional practice and ethical conduct for its members.
3. Advancing the knowledge and practice of insurance.
4. Organizing seminars, workshops, and conferences for continuous professional development.
5. Serving as an advisory body to the government on insurance-related matters.
6. Fostering a sense of community and professionalism among insurance practitioners.

Teaching Methods/Instructional Techniques

Discussion, Explanation, Question and Answer, Demonstration, Interactive Session with Resource Person

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Questioning/Engagement

Teacher’s Activity: The teacher greets the students and asks them if they know who regulates banks or other financial institutions. The teacher then introduces the concept of regulation in the insurance sector and introduces the resource person for the day.

Pupils’ Activity: Students respond to questions and welcome the resource person.

Learning Point: Introduction to insurance regulation

Step 2: Introduction of NAICOM

Time: 8 minutes

Teaching Skill: Explanation/Discussion

Teacher’s Activity: The teacher, with the help of the resource person, explains the meaning of NAICOM and its establishment, including the Act that brought it into being. The resource person may show a specimen NAICOM registration certificate.

Pupils’ Activity: Students listen attentively, observe the certificate, and ask questions.

Learning Point: Meaning and establishment of NAICOM

Step 3: Discussion on Functions of NAICOM (Part 1)

Time: 7 minutes

Teaching Skill: Guided Discussion

Teacher’s Activity: The resource person leads a discussion on the first few functions of NAICOM, such as establishing standards, approving rates, and protecting policyholders’ interests. The teacher facilitates student participation.

Pupils’ Activity: Students listen, contribute to the discussion, and ask clarifying questions.

Learning Point: NAICOM’s regulatory roles

Step 4: Discussion on Functions of NAICOM (Part 2)

Time: 7 minutes

Teaching Skill: Interactive Learning

Teacher’s Activity: The resource person continues the discussion on other functions of NAICOM, including licensing, investigations, and enforcement of compliance. The teacher ensures all students have an opportunity to participate.

Pupils’ Activity: Students actively engage in the discussion, sharing their thoughts and understanding.

Learning Point: NAICOM’s enforcement duties

Step 5: Introduction to CIIN

Time: 5 minutes

Teaching Skill: Explanation

Teacher’s Activity: The teacher introduces the Chartered Insurance Institute of Nigeria (CIIN), explaining its meaning and purpose as a professional body. The resource person may add practical insights into CIIN’s importance for insurance professionals.

Pupils’ Activity: Students listen and note the distinction between NAICOM and CIIN.

Learning Point: Meaning of CIIN

Step 6: Roles of CIIN

Time: 4 minutes

Teaching Skill: Elaboration

Teacher’s Activity: The teacher and resource person elaborate on the key roles of CIIN, such as promoting education, setting professional standards, and continuous development. They highlight how CIIN complements NAICOM’s regulatory efforts.

Pupils’ Activity: Students understand the professional development aspect of the insurance industry.

Learning Point: CIIN’s professional roles

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. What does NAICOM stand for?
2. When was NAICOM established and by what Act?
3. Mention three functions of NAICOM.
4. What is the main purpose of the Chartered Insurance Institute of Nigeria (CIIN)?

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Understanding NAICOM and CIIN

Step 8: Note-Taking

Time: 4 minutes

Teaching Skill: Guided Writing

Teacher’s Activity: The teacher guides pupils/students to copy the essential Board Summary notes on NAICOM and CIIN into their notebooks.

Pupils’ Activity: Pupils/students copy the notes carefully into their notebooks.

Learning Point: Recording lesson content

Step 9: Conclusion

Time: 2 minutes

Teaching Skill: Summarization

Teacher’s Activity: The teacher briefly summarizes the key roles of NAICOM as the regulator and CIIN as the professional body, emphasizing their combined importance for a robust insurance industry.

Pupils’ Activity: Students listen and reflect on the lesson’s main points.

Learning Point: Consolidation of key concepts

Continuous Assessment/Further Study

Type: Homework

Instruction: Research and write a short paragraph on how NAICOM protects policyholders in Nigeria, citing a specific example if possible.

1. Define NAICOM and CIIN in your own words.
2. List five functions of NAICOM.
3. Explain two ways CIIN contributes to the professionalism of the insurance industry.

Lesson Keywords

• NAICOM – National Insurance Commission, the regulatory body for insurance in Nigeria.
• Regulatory Body – An organization responsible for overseeing and controlling an industry.
• Insurance Act 1997 – The law that established NAICOM.
• Policyholder Protection – Safeguarding the interests of individuals or entities who hold insurance policies.
• CIIN – Chartered Insurance Institute of Nigeria, the professional body for insurance practitioners.
• Professional Standards – The expected levels of competence and ethical conduct within a profession.

Differentiation

For weaker learners, the teacher will provide simplified definitions and focus on the core functions of NAICOM and CIIN through direct questioning and repetition. Faster learners will be encouraged to research current news or challenges faced by NAICOM or CIIN and share their findings with the class.

Suggested Lesson Videos

For further understanding, search on YouTube for: “NAICOM functions Nigeria” or “Role of CIIN in Nigerian insurance”

Teacher Guide for Using This Lesson Plan

Before the lesson, ensure the resource person (an insurance professional) is briefed on the lesson objectives and content scope. Prepare visual aids such as charts or a specimen NAICOM certificate to enhance understanding. During the lesson, actively facilitate the discussion between the resource person and students, encouraging questions and real-world examples. Pay close attention to student participation and understanding of the distinct roles of NAICOM and CIIN. Guide students to copy the Board Summary notes after the main teaching and evaluation to ensure accuracy. Encourage weaker learners to ask questions and provide additional support, while challenging faster learners with deeper inquiries into current industry issues.