The management of Mutual Benefits Assurance Plc have lauded the introduction of the ‘no premium, no cover’ policy by the National Insurance Commission, NAICOM, saying that it will impact positively on the insurance sector.

In a letter of commendation to the Commissioner for Insurance, Mr. Fola Daniel, signed by the Managing Director of Mutual Benefits, Mr. Akin Ogunbiyi, the company said that the move is just the beginning of good things to come in the insurance industry.

Ogunbiyi said, “I wish to commend you and your entire team for your unrivaled commitment and relentless efforts at repositioning the insurance industry. In particular, the recent introduction of ‘no premium, no cover’ is most laudable. What a courageous leader you are.

“Your enthusiasm and your ability to motivate have resulted in significant increases in productivity and profitability of the industry, please accept my sincerest gratitude for the superior innovations you are bringing to our industry.

“There is no doubt that this recent initiative will be one of the lasting legacies of your tenure and the impact of your accomplishments will be left well after you have left the stage. In addition, we at Mutual would like to say thank you for all your tireless commitment and commendable contributions in giving the insurance industry the recognition it now has today. This is just the beginning of good things to come and we are very happy to have such a courageous, enthusiastic and dedicated Commissioner at the helm of affairs.”

According to Ogunbiyi, “I want you to know that your efforts are vital to the industry and will be a reference point and lasting legacy for the younger generation. You are indeed an asset to insurance practitioners yet unborn.

It will be recalled that Mutual Benefits has embarked on diverse empowerments projects across the country, ranging from transportation, to infrastructure development, as well as collaboration with infrastructure bank and so on.

The company has staff strength of over 5000 with over 3000 agents. The company also boasts of having the highest number of highly trained professionals in the industry, with about 250, 000 policies issued while having 24 branches nationwide as well as international offices in Liberia and Cameroon.

Incorporated as a private limited liability company on 18th April 1995, Mutual Benefits was granted certificate of registration as an insurer by NAICOM in September 1995. The company commenced operation on the 2nd October 1995 and became a public liability company on 24th May 2001. it was listed on the Nigerian Stock Exchange on 28th May 2002 and it transacts life and general insurance businesses.


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