GNI denies sanctions by NAICOM, securities commission
Underwriting firm in the country, Great Nigeria Insurance (GNI) Plc has denied receiving any regulatory sanctions for insider trading from the Securities and Exchange Commission (SEC) or National Insurance Commission (NAICOM).
NAICOM charts path to insurance sector’s growth
The National Insurance Commission (NAICOM) has called for collaborations across the nation’s regulatory agencies, as well as foreign counterparts, in efforts to bridge...
Underwriters risk N30b statutory deposit to claims’ refusal
Underwriting companies that refuse to pay genuine claims risk losing substantial part of their contributions to the industry’s cumulative N30 billion worth of statutory deposits, while their managing directors face sack.
NUBIFIE resolves crisis, seeks support to tackle financial sector’s challenges
The lingering internal crisis rocking the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) has been resolved.The union also sought the support of relevant stakeholders to tackle the numerous challenges in the sector.
ASSBIFI seeks one year extension for insurance recapitalisation
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has asked the National Insurance Commission (NAICOM), for one year extension for implementation on the tier-based solvency capital for underwriters to ensure total compliance among companies.
Apathy reigns as 86 million Nigerians still have no policy
Concerted efforts by the insurance industry to get Nigerians renew their confidence and appreciate benefits inherent in its policies seem not to have recorded the much-desired response, as a recent survey showed that more than 86 million Nigerians do not have any form of cover. For the operators and allied stakeholders, insurance business remains a…
NAICOM yet to receive court order on TBMSC
The National Insurance Commission (NAICOM) has said it is yet to receive a court order, restraining it from enforcing the October 1, 2018, deadline for the recapitalisation of the sector, under the Tier-Based Minimum Solvency Capital (TBMSC).
Fresh hope for industry as NIA gets new leadership
The new leadership of the Nigeria Insurers Association (NIA) may not have officially assumed duties, but has made a strong call on the stakeholders to embrace, as a project, the redemption of the industry’s poor image.
AIICO gets approval to cover agric business
The National Insurance Commission (NAICOM) has given its approval to AIICO Insurance Plc to underwrite agricultural business in the country.