Tag: NAICOM
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Insurance coys settle N145bn claims
The National Insurance Commission (NAICOM) on Sunday, said that a total of N145 billion was paid as claims to policy holders by insurance companies in the third quarter. The Deputy Commissioner for Insurance, Technical, Mr Sunday Thomas, made this known in an interview with the News Agency of Nigeria in Lagos. According to Thomas, the…
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NAICOM bows to pressure, cancels insurance industry’s recapitalisation ‘with immediate effect’
The National Insurance Commission (NAICOM) on Friday cancelled the Tier Based Solvency Capital recapitalisation of the underwriting sector with immediate effect. The commission gave this notice in a circular to all insurance companies on ‘Withdrawal of circular on Tier Based Solvency Capital policy for insurance companies in Nigeria’, which was signed by the Director, NAICOM,…
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NAICOM suspends recapitalisation of Insurance Firms
The implementation of Tier-based Minimum Solvency Capital policy for insurance companies operating in Nigeria has been suspended by the industry’s regulator, National Insurance Commission (NAICOM). This information was made known by NAICOM in a circular to all insurance institutions titled Update on the implementation of the Tier-based Minimum Solvency Capital policy for insurance companies in…
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NAICOM takes over Unic Insurance
The National Insurance Commission (NAICOM) on Friday confirmed it had taken over the management of Unic Insurance Plc to reposition the company for better performance. NAICOM’s spokesman, Mr Rasaaq Salami, said in an interview with newsmen in Lagos that the takeover became imperative to rescue the company from distress. Salami said the commission had subsequently…
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Brokers hail NAICOM for abolishing annual licence renewal
The President, Nigeria Council of Registered Insurance Brokers (NCRIB), Mr Kayode Okunoren, has applauded the National Insurance Commission (NAICOM) for considering abolishing annual renewal of brokers’ licence. Okunoren made the commendation in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday. The NCRIB boss said that the council had been calling…
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NAICOM releases draft revised guidelines for Micro Insurance Operations
The National Insurance Commission (NIACOM) says it has released a draft revised guidelines for Micro Insurance Operations in the country. Mr Rasaaq Salami, the Head, Corporate Affairs of NAICOM said this in a statement on Friday in Abuja. Salami said that the draft revised guidelines had been released to the market for inputs by stakeholders.…
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NAICOM approves financial statements of 32 insurance firms, pends 9
The National Insurance Commission (NAICOM) on Tuesday said it had approved 32 out of 41 firms’ 2016 financial statements submitted to it. The Head, Corporate Affairs of NAICOM, Mr Rasaaq Salami, told the News Agency of Nigeria (NAN) in Lagos that nine others had queries and the commission was awaiting the response of the affected…
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We assist companies comply with insurance laws – NAICOM
The National Insurance Commission (NAICOM) says it is playing its role in ensuring that insurance companies comply with the set rules and laws of the industry. Mr Ahmad Adamu, Deputy Director, Enforcement and Compliance, NAICOM said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday. “We have been of…