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 Sunu Assurances completes first phase of recapitalisation

NAICOM, NIA disagree over recapitalisation of insurance firms

By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing
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AIICO Insurance gets shareholders approval to increase capital to N20bn

AIICO Insurance plc on Wednesday said it had surpassed the December 2020 deadline expectations of the National Insurance Commission (NAICOM). Mr Babatunde Fajemirokun, its Managing Director /Chief Executive Officer (CEO) said this in a statement by the company in Lagos. He said that the company had made satisfactory progress in its recapitalisation journey. “There are
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Don’t shun insurance despite inflation, harsh business environment— NAICOM

NAICOM to sanction insurance firms over N40bn unpaid claims

By Rosemary Onuoha The National Insurance Commission (NAICOM) said it is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over N40 billion. Commissioner for Insurance, Sunday Thomas, speaking at the 2020 insurance directors’ conference organised by NAICOM and the College of Insurance and
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NAICOM urges states to domesticate compulsory life insurance, others for citizens

The National Insurance Commission (NAICOM), has appealed to state governments to domesticate compulsory group life insurance and other insurances in their states. Mr Sunday Thomas, the Commissioner for Insurance of NAICOM, made the appeal on Tuesday when he visited Gov. Kayode Fayemi of Ekiti State. Also read: Contributory Pension Scheme: Obaseki presents N6.97m to families
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