Tag Archives: Insurance firms

Insurance companies yesterday got a 13-month ultimatum from the National Insurance Commission (NAICOM) to recapitalise or lose their licences.

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Insurance companies willing to play at the highest level in the country yesterday got an order from the regulator to recapitalise to the tune of N15 billion. The National Insurance Commission (NAICOM) which announced the new plan yesterday, also said the firms in the sector will from January be classified into three tiers, based on their ability to capitalise and …

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The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the National Insurance Commission has refused to issue new operational licences to insurance firms because it is better for the industry to embrace consolidation than to start new companies. Kari spoke during the Annual Insurance Professional Forum of the Chartered Insurance Institute of Nigeria with the theme: ‘Solvency, stability and …

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