NAICOM – Registration For Insurance Companies
The National Insurance Commission (NAICOM) is commencing registration process for seven new insurance firms and one reinsurer. This is following an earlier delivery of operational licences as the NAICOM manager, Mr Sunday Thomas revealed.
The list of insurance companies who received licenses and going ahead to registration include;
I. Heirs Insurance Limited
II. Heirs Life Assurance Limited
III. Enterprise Life Assurance Company Nigeria Limited
IV. Salam Takaful
V. FBS Reinsurance Limited
VI. Stanbic IBTC Insurance Limited
VII. Cornerstone Insurance Co. Limited
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These companies had applied to register and get a licence to carry out insurance and reinsurance activities in Nigeria. In July NAICOM announced that the commission would handle these applications based on the statutory provisions of the law for the registration and licensing of companies.
According to Thomas, the issuance fulfils this law and that “the Commission has commenced the process of registering the companies.”
All except Takaful Insurance is based on sharia law and its policies cover standard insurance demands.
The approval for a licence by NAICOM puts these seven insurance companies among the 57 in several aspects of insurance.