The National Insurance Commission (NAICOM) has reiterated its commitment to increasing the level of awareness of insurance operators in readiness for full scale smooth implementation of Risk Based Supervision (RBS). Mahammed Kari, Deputy Commissioner Technical, NAICOM, disclosed this at
Insurance
Expectations and suggestions for the incoming government of General Muhammed Buhari (rtd) continues to swell, as experts from different sectors across Nigeria are putting forward blueprints on how to revamp and consolidate critical sector of the country’s economy. Meanwhile, the Nigeria Insurance Industry over the years have been struggling to catch up with
Audited consolidated annual results for the year ended 31 December 2014 released by Custodian and Allied Plc shows the company posting an impressive N5.15 billion in profits and about 19 per cent year on year growth. Custodian and Allied Plc (CUSTODYINS on NSE), a wholly owned Nigerian investment holding company quoted on the Nigerian Stock […]
Eight insurance firms have so far secured approval of their 2014 financial accounts from the National Insurance Commission (NAICOM) out of the 19 companies that have submitted their accounts as at April 8, 2015. The approved firms are: Mansard Insurance Plc; Wapic Life Assurance Limited; Wapic Insurance Plc; Custodian Life Assurance Limited; Custodian and Allied […]
The National Pension Commission (PenCom) has released the Draft Regulation on Investment of Pension Fund Assets to guide Pension Fund Administrators (PFAs) and other investors who have been agitating for the use of accumulated pension fund assets, now in excess N4.6 trillion, to develop infrastructure across the country. The Commission in a statement by Emeka Onuora, […]
10The Managing-Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has admonished the management of Aso Savings and Loans Plc to always ensure good corporate governance. The advice of the NDIC boss is contained in a statement signed by the Head, Communications and Public Affairs of the Corporation, Mr Hadi Birchi, on Thursday in […]
Future Unity Glanvils Pensions Ltd (FUG Pensions) has assured contributors in the Union Homes Legacy Scheme that, the National Pension Commission (PenCom) is currently addressing the challenges in the scheme, promising them that their savings is intact. The company said the contributors should not panic as their contributions is safe, adding that their demand would […]
Idu Okwuosa, Compliance Officer, Stanbic IBTC Pension, has said that the low level of adoption of the Contributory Pension Scheme (CPS) was a result of low enlightenment campaign, saying, there is the need for serious sensitisation exercise to enlighten Nigerians on the importance of the new pension scheme. Okwuosa, who spoke at a forum in […]
Mansard Insurance plc was selected as one of the top quartile (first place in Insurance Category) of publicly listed Growth Strategy Leaders in Nigeria for the year 2015 awards season. The company was selected based on its outstanding performance over the years. This coveted award honours “best of the best” growth companies listed on the […]
The Head of Service, Lagos State, Folashade Sherifat Jaji, has warned retirees, especially in the State to desist from extravagant lifestyle, in a bid to use their retirement benefits judiciously. Sherifat, who stated this in Lagos, said some retirees were fond of spending their retirement benefits on unnecessary things, such as lavishing money on burial […]
Wapic Insurance Plc has announced its audited financial results for the year ended December 31, 2014 on March 24, 2015, revealing that the company paid out over N1 billon in claims and recorded over 200 per cent Profit After Tax (PAT). The company is the first Insurance operator in the Industry to have its Audited Financial […]
Fola Daniel, Commissioner for Insurance, has said that sanctions meted on two insurance companies, which hitherto were considered untouchable, compelled insurance operators to improve on claims settlements processes. Daniel, who disclosed recently in Lagos that the sanctions given two months after he took over leadership of the industry’s regulatory body, sent correct
The National Insurance Commission (NAICOM) on Tuesday had its Takaful Advisory Council (TAC) inaugurated by the Minister of State for Finance, Mr. Bashir Yuguda, to ensure a financially inclusive insurance sector. The council will provide Sharia compliant insurance policies that will complement Nigerian banks practicing Islamic financing. Yuguda said that for an economy to
Despite the success of the ‘No premium, No cover’ initiative of the National Insurance Commission (NAICOM), the insurance industry is still confronted with age-long unprofessional practices which has now brought division among operators in their opinions on the continued existence of such practices. Among others, rate cutting and overriding commission are some of the
