NAICOM grants operational licence to 4 Insurance companies, 1 Reinsurance

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The National Insurance Commission (NAICOM) on Friday said it had granted operational licence to four new insurance firms and one reinsurance company in Nigeria.

Mr. Sunday Thomas, Commissioner for Insurance, said this at the Insurance Industry Consultative Council (IICC) 2020 Media Retreat at Ijebu Ode with the theme: Changing Face of Media; The New Expectations.

Thomas, represented by Mr. Rasaq Salami, Deputy Director/Head, Corporate Affairs, NAICOM, said that the new operators had been handed their licences at NAICOM Headquarters in Abuja.

The new firms are Heir Insurance Limited (General), Stanbic IBTC Insurance Limited, Heirs Life Assurance Limited, Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.

“This is in fulfillment of the statutory provisions of extant laws for the registration and licensing of insurance companies,” Thomas said.

In a publication, NAICOM said Heir insurance Limited (General) selected Olaniyi Onifade as its Managing Director, while Stanbic IBTC Insurance Limited picked Akinjide Orimolade as its Managing Director.

NAICOM stated that Heirs Life Assurance Limited selected Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited chose Fumilayo Omo.

According to the publication, FBS Reinsurance Limited selected the former Commissioner of Insurance, Fola Daniel.

The publication said FBS was bringing together professionals with proven experience from the brokerage and underwriting units of the industry, including Bala Zakariya’u, the former managing director of Niger Insurance.

The reinsurance firm is required to pay the new N20 billion recapitalisation stipulated by the commission under the reform exercise for it to start a business in the industry