NAICOM set to register new insurance companies
The National Insurance Commission (NAICOM) has announced to the general public especially those interested in venturing into insurance business that new licences are now available for them to register new insurance companies.
The new licences, according to the Commission, are available for Tier 1 level in both life and non-life business categories.
In a public notice announcement released yesterday by the commission entitled “Public Announcement on Registration of New Insurance Companies,” NAICOM said, “The National Insurance Commission (NAICOM) being the Regulatory Authority of the Insurance Sector in Nigeria, hereby pronounces that in line with the recently introduced Tier-Based Minimum Solvency Capital Policy, new licences are now available for Tier 1 level in both life and non-life business categories.”
NAICOM therefore directed interested investors to access the commission’s website www.naicom.gov.ng/registration for full details of the application procedures or through its email, contact @naicom.gov.ng
It should be recalled that in July this year, NAICOM introduced a three-level tier-based Minimum Solvency Capital Policy to drive the Commission’s Risk-Based Supervision regulatory framework with January 1, 2019 as commencement date.
Under the new capitalisation structure, life insurance firms need a minimum capital level of N6 billion for Tier 1; N3 billion for Tier 2 and N2 billion for Tier 3.
For non-life business, the requirement is a minimum of N9 billion for Tier 1; N4.5 billion for Tier 2 and N3 billion for Tier 3. While for composite companies (for companies doing both life and general business), the new capital requirement is a minimum of N15 billion for Tier 1; N7.5 billion for Tier 2 and N5 billion for Tier 3.
The latest development throws up new opportunities for new investors who are interested in venturing into insurance business to register new insurance companies.
