NAICOM issues licences to four new insurers, one reinsurer, two takaful firms
In continuation of its drive to reposition the nation’s insurance industry to contribute significantly to the national growth, the National Insurance Commission (NAICOM) has issued operational licenses to four insurance, one reinsurance and two takaful companies at a groundbreaking ceremony in Abuja on Friday.
The Head, Commissioner for Insurance Directorate, NAICOM, Rasaq Salami disclosed this Friday at the Insurance Industry Consultative Coucil 2020 media retreat held for insurance journalists at Ijebu-Ode, noting that the Commission had conducted an interview for the firms and visited their locations and therefore license was approved for all the firms.
According to him the companies approved for operations are: Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited. Prior to the issuance of operational licenses to these companies, the National Insurance Commission (NAICOM) had received applications from the under above stated companies for registration as Insurance, reinsurance and Takaful Companies to transact insurance and reinsurance business in Nigeria.
The licenses were presented by the Commission for Insurance/CEO, NAICOM, Mr. Sunday Thomas, to representatives of the new companies in Abuja.
For the management and day to day running of these companies, Heirs Insurance Limited (General) has picked Olaniyi Stephen Onifade, as its Managing Director; Stanbic IBTC Insurance Limited, picked Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, and Enterprise Life Assurance Company Nigeria Limited, employed Abah Okoriko and Fumilayo Abimbola Omo, respectively as Managing Directors.
Tony Elumelu, is the Chairman, Heirs Insurance Limited (General); Yinka Sanni, Chairman, Stanbic IBTC Insurance Limited; Abdulqadir Jeli Bell, Chairman, Heirs Life Assurance Limited and Keli Gadzekpo, Chairman, Enterprise Life Assurance Company Nigeria Limited.
In the latest dispensation, the reinsurance firm is required to pay N20 billion while those in General and Life businesses are expected to provide N10 billion and N8 billion capitalisation respectively as stipulated by the commission under the reform exercise to start a business in the industry.
Salam Takaful and Cornerstone Takaful Insurance Company Limited, were also granted licences by the Commission.
