The National Insurance Commission (NAICOM) has ruled out any extension of the insurance industry recapitalisation deadline, insisting that operators must meet the July 2026 timeline or risk being left behind as the sector undergoes a major reset. The Commissioner for Insurance, Mr Olusegun Omosehin, said the deadline was firm, legally binding and achievable for serious […]
The National Insurance Commission (NAICOM) has ruled out any extension of the insurance industry recapitalisation deadline, insisting that operators must meet the July 2026 timeline or risk being left behind as the sector undergoes a major reset. The Commissioner for Insurance, Mr Olusegun Omosehin, said the deadline was firm, legally binding and achievable for serious […]
The National Insurance Commission (NAICOM) says the recapitalisation deadline for the insurance industry will not be extended. The Commissioner for Insurance, Mr Olusegun Omosehin, said this at a seminar for insurance journalists in Abuja on Tuesday. Omosehin, represented by Dr Usman Jankara, NAICOM’s Deputy Commissioner, Technical, said the deadline fixed for July, 2026 was reasonable, […]
The introduction of Takaful insurance is gradually changing the landscape of the Nigeria insurance sector in a bid to provide a robust platform for financial inclusion. In this analysis, Business Correspondent, PHILIP CLEMENT,looks at the challenges of Takaful insurance in financial inclusion and the role of National Insurance Commission (NAICOM) in ensuring effective performance. Following the […]
The National Insurance Commission (NAICOM) has disclosed that the insurance industry life annuity fund portfolio in Nigeria grew by 17.46 per cent to stand at N322.91 billion at the end of the second quarter (Q2) of 2019, against N274.918 billion stood at the end of the fourth quarter of (Q4) of 2018. Within the same […]
Motolani Oseni The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd. This was contained in a statement issued by the Head, Corporate Affairs of the Commission, Rasaaq Salami, stating that the companies will operate as composite Takaful operators to transact both […]
Motolani Oseni The Managing Director, Sunu Assurances Nigeria Plc, Mr Samuel Ogbodu, has commended the National Insurance Commission (NAICOM) for increasing the capital base of various categories of players in the industry. Ogbodu said that the proposal would not only help to consolidate the sector with the provision of more buoyant opportunities for large ticket […]
Temitope Adebayo Some oil companies including, Conoil Plc, Capital Oil plc, insurance companies, Microfinance banks, among others risk heavy sanction by the Nigerian Stock Exchange (NSE) for late filing of their financial year, ended December 31, 2018 result and accounts. Other companies expected to face NSE sanction include AIICO Insurance plc, Law Union And Rock […]
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 […]