The National Insurance Commission (NAICOM) has taken over the management of UNIC Insurance Plc, one of the ailing firms, and set up a 4-man interim board to pilot the affairs of the company for the next six months.

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.

Mrs Funmi Babington-Ashaye, the President, Chartered Insurance Institute of Nigeria (CIIN), says the institute is happy with some initiatives of National Insurance Commission (NAICOM) to expand the industry.

NATIONAL Insurance Commission, NAICOM, has called on weak insurance companies to seek opportunities for mergers or acquisition.

THE Commissioner for Insurance and Chief Executive of the National Insurance Commission, NAICOM, Mr. Mohammed Kari, has said that strengthening existing practices and creating room for better practices in the insurance industry can boost the economy.

The Commissioner for Insurance (CFI), Alhaji Mohammed Kari, has warned that the Commission will no longer admit representatives at meetings meant for Chief Executive Officers of insurance companies.

National Insurance Commission, NAICOM, has imposed $4 million on some insurance companies  for non-compliance with  operational rules and guidelines.

National Insurance Commission, NAICOM, said it is targeting 15 more companies for the Index-Base Agriculture Insurance, IBAI.

THE National Insurance Commission, NAICOM, has frowned at the low ranking of Nigerian insurance sector in Africa despite the country’s huge population.

The National Insurance Commission, NAICOM, has said that only five companies have so far applied for bancassurance license after the release of the revised guidelines on bancassurance partnership in the sector.

National Insurance Commission, NAICOM, yesterday unveiled the revised guidelines for micro-insurance operations, which stipulates N600 million minimum capital base for national micro-insurance license.

National Insurance Commission, NAICOM, has refused to grant waivers to insurers on payment of outstanding fines. President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Shola Tinubu, who disclosed this, said that despite NAICOM’s refusal to grant the requested waivers, the Council will continue to maintain harmonious relationship with the regulator.

The National Insurance Commission, NAICOM and insurance operators are divided over the timing of the implementation of the Risk Risked Based Supervision, RBS, in the industry

THE National Insurance Commission, NAICOM, has threatened to sanction insurance companies and brokers engaged in insurance businesses without sufficient information on the business insured.

NATIONAL Insurance Commission (NAICOM) has placed a two year limit on bancassurance partnerships between insurance companies and banks.