Records Retention Scheduling and Compliance in Nigerian Insurance Companies: Evidence from Lagos

This study examines records retention scheduling practices and regulatory compliance among insurance companies in Lagos, Nigeria's South West commercial hub. Insurance records have significant legal, financial, and operational implications, and the establishment of scientifically determined retention periods is mandated by both the National Insurance Commission and general records management standards. The research employs a professional survey design, targeting records and compliance officers in twenty insurance firms listed with the National Insurance Commission in Lagos. Structured questionnaires and retention schedule review checklists form the data collection toolkit. The study draws on the ISO 15489 standard, the National Insurance Commission (NAICOM) regulatory circulars, and professional records management literature from 2020 to 2024. Key dimensions assessed include the existence of approved retention schedules, their currency, accuracy of legal hold provisions, and staff adherence in day-to-day records handling. The study also investigates the consequences of non-compliance as documented in regulatory inspection reports. Recommendations are directed at NAICOM's inspection directorate, the insurance companies' compliance offices, and the Institute of Records Management of Nigeria. Keywords: records retention, insurance companies, compliance, Lagos, records management