Regulatory Compliance Management in Nigerian Life Insurance Companies

This study examines regulatory compliance management practices in Nigerian life insurance companies, focusing on compliance with NAICOM solvency requirements, consumer protection rules, and reporting obligations. Life insurance companies occupy a position of long-term financial stewardship for policyholders, and regulatory compliance failures have the potential to result in policy cancellation, benefit non-payment, and significant policyholder harm. This research employs a professional management design with data from 40 compliance officers, internal auditors, and regulatory affairs managers at ten life insurance companies in Lagos and Abuja. Questionnaires and semi-structured interviews assess compliance program structure, resource allocation, senior management commitment, regulatory examination frequency and outcomes, and the management of NAICOM directives. Descriptive statistics and thematic analysis characterize compliance management practices. Preliminary findings are expected to reveal that compliance functions in smaller life insurance companies are under-resourced and that knowledge gaps regarding recent NAICOM guidelines are common. The study recommends mandatory compliance officer certification, minimum compliance budget requirements as a proportion of premium income, and regular industry-wide NAICOM guidance dissemination workshops. Keywords: Regulatory Compliance, Life Insurance, NAICOM, Compliance Management, Solvency Regulation.