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National Co-operative Insurance Society Nigeria Limited (NCIS) was established on

November 25th, 1977 as the only national Co-operative insurance Apex institution to
perform the dual function of issuing certificate of practice to Co-operative Societies
wishing to practice insurance and also insure co-operators and their dependants in
accordance with section 1B of the Co-operative and Social Development (transfer of
functions Decree No.28 of 1976.

On the 9th day of July, 1980 NCIS was registered to continue as a conventional
insurer under the Insurance Decree of 1976 to carry on the insurance of general
businesses. Because of the expansion and wider spread of co-operative societies
across the nation, NCIS on the 16th July, 1986 informed the Federal Government of
its intention to limits it operation to the co-operative Societies to revitalize and
supervise them effectively. And the application was granted accordingly to provision
Section 1 (i) (a) and 3 (i) (c) of the insurance decree of 1976 as a mutual concern
for the purpose of Co-operative Societies without having share capital which is also
protected by insurance Decree 2 of 1997 section 97.

NCIS is a Federal Government established Apex that police the activities of co-
operative insurance societies through out the Federal Republic of Nigeria.

NCIS now comes with full strength as an insurer of co-operative and their
dependants in general insurance business including the following:

• Fire and Burglary Insurance
• Motor Insurance
• Goods in Transit Insurance
• Group/Personal accident Insurance
• Workmen Compensation Insurance
• Office all Risk Comprehensive Insurance
• House owner and House holders Insurance
• Passenger in Transit Insurance
• Death Insurance
• Oil and Gas Insurance for Cooperators
• Marine Insurance for Cooperators
• Cash –in- Transit Insurance
• Co-operative Loans and Credit Guarantee Policy Insurance
• Co-operative Agriculture Societies Insurance
• Loan and Savings Protection for co-operators etc.

National Co-operative Insurance Society Nigeria Limited (NCIS) also re- insure their
risk with other re-insurance corporations.

With a nationwide coverage, NCIS is regulated by the Federal Department of Co-
operatives in the Federal Ministry of Agriculture and Rural Development with
ownership structure of a collection of Co-operative Insurance practitioners
throughout Nigeria. It also issues certificate of practice of insurance backed by the
Memorandum of understanding signed by NCIS on 3rd March, 1999 between the
Insurance Commission, Association of Co-operative Insurance Society of Nigeria
ACISON), 46 Co-operative Insurance Societies, and the Department of Agriculture
and Rural Development.

To promote. To invest and otherwise deal with money of NCIS is such a manner as may be determined. and Memorandum of Understanding of 1999 it was resolved that Co-operative Societies engaged in insurance are not under the supervision of NAICOM. But NAICOM and NCIS work hand –in. which is International Co-operative Alliance of Geneva. and become a shareholder of national and of international co-operative society.hand. NCIS offers insurance to co-operators at reasonable rates. enter into technical co-operation agreement with. To give those insured or have other dealings with NCIS any other special benefits. Any Co-operative Insurance Society engaged in Insurance transactions which refuses to operate under the fold of NCIS is prosecuted NCIS may cooperate with NAICOM in the regulation of its members. constitute. and is compatible with co-operative movement in Nigeria public insurance conscious Taking cognizance of the provision of insurance Decree No 2 of 1997. but under the umbrella of National Co-operative Insurance Society Nigeria Limited (NCIS) which is a federal Government registered body for Co-operative sanitizing insurance business in Nigeria. And through the Co-operative Insurance. Co- operative Insurance Societies can only issue policies to their members. and may seek for area of assistance in the development of insurance practice in Nigeria (particularly at the grassroots level) . Any Co-operative Society that engaged in transacting insurance business outside its membership is penalized in accordance with Insurance Decree No 2 of 1997. form.FUNCTIONS National Co-operative Insurance Society assumed effective control and supervision of all affiliated registered and functional Co-operative Insurance Societies carrying on business anywhere in the Federation and to act as their clearing house in the distribution of risk.