By Favour Nnabugwu

The National Insurance Commission, NAICOM, has said that insurance companies must have a minimum of four functional offices in Nigeria before they will be given approval to open an office outside the shores of Nigeria .

NAICOM has often encouraged insurance companies in the country to open businesses overseas as the commission permits underwriters to conduct life, non-life insurance and reinsurance businesses abroad.

Commissioner for Insurance, Mr Fola Daniel had earlier said the regulatory body is definite about protecting the interest of Nigerian insurance companies operating outside the shores of Nigeria and it also has a duty to project the image of the nation, ading “ I have the national interest to protect.

“If you look at the top four insurance companies in this country, how many branch networks do they have? They are in Abuja for obvious reason, they are in Lagos and Kaduna and some of them in Kano but no insurance company is in Mubi even before Boko Haram activities got there. Is there any insurance company in Okene as big as Okene is? How many of them are in Ogun State where you have Bangkok University? They are not there” he lamented.

He continued “ So, we are encouraging insurance companies to open more branches as a matter of unwritten policy, any insurance company that is desirous to open office abroad will not be denied, but we will ensure that, that the company has at least, four functional branches in Nigeria.