We are National Insurance Authority (NIA), a statutory government authority established under the National Insurance Act, Law No.92/2020. The authority is the supervisor and regulator of the Somaliland insurance industry with the main objective of ensuring effective administration, supervision, and regulation of the insurance business.
In addition to ensuring insurance companies remain operationally sustainable and solvent, the authority safeguards the safety of consumers and fosters a high degree of security for policyholders. Moreover, the Authority carries out remarkable endeavors to develop the insurance industry.
To be a model regulator enabling effective and affordable insurance service for all
To effectively regulate, supervise and create enabling environment for sustainable growth of the insurance industry in Somaliland for purpose of protecting insurance beneficiaries.
The main object of the Authority is to ensure effective administration, supervision and regulation of the business of insurance in the Republic of Somaliland.
We practice caution in use of public resources entrusted to NIA.
We work effectively with others across functional lines to achieve our objectives.
We stimulate plainness and candidness.
We will serve our customers in nonaligned, and professional way with the maximum ethical standards.
We believe in unceasing enhancements in the conduct of our duties.
- Establishing a comprehensive national policy for guidance of Somaliland insurance industry.
- Formulating relevant guidelines for establishment and management of private insurance companies.
- Ensure compliance by insurance companies with legal requirements as per available acts and stimulating a sound business practice;
- Encourage regionally competitive insurance companies with sensible compliance;
- Set unambiguous objectives and standards of intervention for insurance companies.
- Safeguard the safety of consumers and foster high degree of security for policyholders;
- Enhancing and maintaining the confidence of consumers towards Insurance sector.
- Ensuring insurance companies to remain operationally sustainable and solvent.
- ix. Inaugurate a transparent basis for timely, appropriate and consistent supervisory intervention, including enforcement.
- Providing Insurance services for the government
This is our result from
2020 up to now.