NAICOM clarifies policy stance on insurance firms’ capitalisation

The National Insurance Commission (NAICOM) at the weekend identified low capital base as one of the biggest challenges hampering the growth of the insurance sector and its contributions to the nation’s Gross Domestic Product (GDP). The NAICOM boss and Commissioner for Insurance, Mohammed Kari, gave this hint in his remarks on the sidelines of the […]

NAICOM restates commitment to deepening insurance penetration

The National Insurance Commission, NAICOM, has restated its determination to ensure that the unreached market in the nation’s insurance sector is explored to deepen insurance penetration and increase the sector’s contribution to the nation’s Gross Domestic Product (GDP) in the years ahead. The Commissioner for Insurance, Mohammed Kari, who gave the assurance at at the […]

NAICOM asks insurance firms to sustain operations on existing framework

The National Insurance Commission (NAICOM) on Tuesday advised insurance companies to continue to operate on subsisting regulatory framework prior to the issuance of the circular on Tier-Based Minimum Solvency Capital (TBMSC). The commission gave this charge in a circular titled ‘Update on the Implementation of the Tier-Based Minimum Solvency Capital Policy for Insurance Companies in […]

Recapitalization of insurance firms robs-off on insurance stocks

The recapitalization exercise recently announced by the National Insurance Commission (NAICOM) took a toll on insurance stocks in September with majority of them recording price depreciation. Data obtained from the Nigerian Stock Exchange (NSE) on Tuesday, showed that insurance equities dominated the losers’ table with Universal Insurance emerging the worst performing stock in September in […]

Recapitalization: Extend deadline till after 2019 elections, investors urge NAICOM

Industry investors have called on the National Insurance Commission (NAICOM) for extension of the Oct. 1 deadline for insurance companies to switch to Tier-Based Minimum Solvency Capital (TBMSC) based regime. The shareholders made the call in separate interviews on Saturday in Lagos. They posited that NAICOM should be seen to be supportive of the growth […]

Group wants NAICOM to mandate insurers on full disclosure

The Centre for Pension Rights Advocacy has charged the National Insurance Commission (NAICOM) to make it mandatory for insurance companies in the country to fully disclose their financial transactions during each financial year to guarantee transparency in their operations and the entities viability on a sustainable basis. The Centre’s Executive Director, Barrister Ivor Takor, gave […]

NAICOM announces new recapitalisation regime for insurers

The National Insurance Commission (NAICOM) on Wednesday announced a new three -tier based recapitalization regime for the insurance industry. The Commission said that the initiative was part of moves to strengthen operating entities and through optimal capitalization, stabilize the nation’s financial system. The Commissioner for Insurance, Mohammed Kari, while speaking at the unveiling of the […]

NAICOM intensifies Islamic financial inclusion, devt plan drives

The National Insurance Commission, NAICOM, is intensifying its efforts to deepen Islamic financial services as part of the national agenda to improve financial inclusion. As part of its strategy, the Commission has entered into partnership with Islamic Finance Service Board (IFSB) based in Malaysia and also arranged trainings by bringing in experts to train its […]

NIACOM cautions on unlicensed risk underwriters’ patronage

The National Insurance Commission (NAICOM) has advised insurance customers to eschew all forms of engagement with unlicensed operators in the insurance industry as well as allotting proportion of risk to local underwriters without due cognisance of the insurers’ capacity. This is even as it described the placement of risks on foreign underwriting insurance and re-insurance […]