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JUST IN: NAICOM Grants Operational Licences To Four New Insurers, One Reinsurer

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By LOVETH AZODO, Lagos

The National Insurance Commission Today handed over operational licenses to four new underwriting insurance companies and one reinsurance company.

There are 58 insurance companies and two reinsurance company in Nigeria, with the new licensing, the total number of underwriting insurance company will sum up to 62 underwriting insurance companies and three reinsurance companies.
The Commissioner for Insurance, Mr Sunday Thomas who was represented by Director, Coporate Communication Department, NAICOM, Mr Rasaq Salami made the disclosure at the 2020 Insurance Industry Consultative Council Media Retreat.

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

It would be recalled that NAICOM in a publication announced that the commission has received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria.

“The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria. In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.

Heir Insurance Limited (General), has picked, Olaniyi Stephen Onifade, as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, picked, Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, picked, Fumilayo Abimbola Omo.

FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.

FBS is bringing together, professionals with proven experience from the brokerage and underwriting units of the industry including Bala ZakariyaU, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.

These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent.

Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

“The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry,” it stated.

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