Tag: NAICOM
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NCRIB 60th Anniversary: Why it is difficult for most people to make right choice on insurance purchase
Chairman Heirs Holdings, Tony Elumelu has adduced reasons why most Nigerians find it difficult to make right choice on insurance purchase. Elumelu disclosed this in his Chairman’s Keynote Remarks for the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th Anniversary. The theme of the anniversary is ’60 Years of Insurance Broking: Redefining the Practice…
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Insurance industry shifting tech paradigm – FITC
Managing director/CEO FITC, Chizor Malize, has asserted that globally, the insurance landscape is undergoing a paradigm shift. She spoke during the 2022 NAICOM Board retreat themed: “Strengthening Board Resilience and Agility for Success” held in Abuja. Malize stated that digital is no longer a nice to have but a critical part of business strategy and…
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NAICOM: Buhari appoints 2 new deputy commissioners for insurance
President Muhammadu Buhari has approved the appointment of Alhaji Sabiu Abubakar and Mr Oba Oluniyi, as Deputy Commissioners for Insurance in the National Insurance Commission (NAICOM). The approval is contained in a statement issued by Mr Rasaaq Salami, NAICOM’s Head, Commissioner for Insurance Directorate, in Abuja on Monday. Salami stated that Abubakar would be the…
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JUST IN: Buhari appoints NAICOM, NDIC board members
President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM). Mr Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning disclosed this in a statement in Abuja on Sunday. Thomas replaced Malam Mohammed Kari, who…
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NAICOM Stops Insurance Companies from Foreign Operations
In its bid to support the local economy, the National Insurance Commission (NAICOM) has warned insurance companies not to consider foreign investment extensions post-recapitalisation, noting that funds raised will be invested locally. According to the insurance regulator, the ongoing recapitalisation in the sector will see emphasis on supporting big businesses, pay claims, and support the…
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Alleged Unpaid Claim of N163m: NAICom, Anchor Ins to appear before Reps C’ttee today
By Emman Ovuakporie National Insurance Commission, NAICom and Anchor Insurance Plc are expected to appear before the House of Representatives committee on Insurance and Actuarial Services over alleged unpaid claim of N163million. In a petition dated 19th November 2019 and signed by the Managing Director of Scratch ‘n’ Pay LTD, Mr Olaonipekun Famoroti and addressed…
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NAICOM extends licence renewals
The National Insurance Commission (NAICOM) has approved the renewal of the licences of insurance brokers and loss adjusters to hold every two years as against one year. The Director, Policy and Regulation Directorate, NAICOM who spoke in Kano, said the two-year renewal process will commence from April this year. He added that the commission, last…
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NAICOM approves recapitalisation plans of 44 firms
The National Insurance Commission ( NAICOM) on Tuesday in Lagos granted no objection to 44 insurance companies to proceed with their recapitalisation plan. Its Acting Commissioner, Mr. Olorundare Thomas who spoke during an interactive session with shareholders said two companies have concluded plans to merge. Represented by the Director, Policy and Regulation Directorate, Mr.Pius Agboola,…
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NAICOM receives recapitalisation plans from 49 firms
The National Insurance Commission (NAICOM) has received the recapitalisation plans of 47 insurers and two reinsurers. This is coming following the circular issued by the Commission directing the risk bearing companies to submit their recapitalisation plans by August 20, 2019. Head, Commissioner for Insurance’ Directorate, Rasaaq Salami, explained that the Commission, in keeping with the…
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NAICOM approves establishment of two new Islamic Insurance companies
The National Insurance Commission (NAICOM) has granted approval in principle (AIP) to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd to operator and increase the insurance sector in Nigeria. This was disclosed in a statement issued by the Head, Corporate Affairs Department of the commission, Mr Rasaaq Salami, expressing that both companies…