NAICOM tasks insurers on N463.1bn annuity business

NAICOM tasks insurers

NAICOM tasks insurers on N463.1bn annuity business   The National Insurance Commission (NAICOM) has expressed worries over the declining participation of life companies in retiree life annuity (RLA) business, which is considered a huge opportunity for the industry. RLA is a pension benefit administered by life insurance companies, which provides pension benefits for retirees all through their lifetime. It is estimated to have a pool of funds over N463.1 billion. Sunday Thomas, the commissioner for insurance, who raised the concern at the 2020 Insurance Directors’ Conference, organised by NAICOM and…

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NAICOM licenses four new insurance firms

COVID-19: NAICOM segments recapitalization target for insurance firms

NAICOM licenses four new insurance firms Ending over 10 years of embargo on licensing of new insurance underwriting firms, the National Insurance Commission (NAICOM), at the weekend said it has received applications from four insurance firms seeking to obtain operational licenses to commence operation in Nigeria. The Commission, gave the names of the four firms as Heir Insurance Limited, which is seeking to be licensed as General insurance business underwriter; Stanbic IBTC Insurance Limited, which yet to declare its area of interest; Heirs Life Assurance Limited, for life insurance underwriting;…

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NAICOM moves to force Nigeria insurers clear backlog of unsettled claims

NAICOM

The National Insurance Commission (NAICOM) has revealed plan to sanitise the insurance sector and redeeming its image, by using stringent measures to make insurers in the country clear backlog of unsettled claims. Sunday Thomas, Nigeria’s commissioner for insurance and chief executive of NIACOM said the commission was already compiling a list to detail insurance companies with huge unsettled claims for necessary regulatory action. Thomas disclosed this at the 2020 insurance directors’ conference the commission organised in Lagos, where he told the board of directors of various insurance companies, that insurance has…

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COVID-19: NAICOM segments recapitalization target for insurance firms

COVID-19: NAICOM segments recapitalization target for insurance firms

The National Insurance Commission (NAICOM) has extended deadlines for recapitalization of insurance companies in Nigeria even as it segmented the process meeting the target for them. It revealed this via a circular labeled NAICOM/DPR/CIR/25-04/2020 and dated June 3. According to NAICOM, the latest development as part of its efforts to cushion effects of Coronavirus pandemic on insurance companies in the country. “The incidences of COVID-19 pandemic have made it difficult to proceed with the 31st December, 2020 recapitalisation deadline. A review of the capitalization deadline therefore became imperative in order…

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