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).
Shareholders threaten to sue NAICOM over recapitalisation
The Independent Shareholders Association of Nigeria (ISAN), has threatened to sue the National Insurance Commission (NAICOM), if it enforces the October 1st recapitalisation for industry operators.
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.
ARIAN seeks inputs in new initiative
The Tier-base recapitalisation introduced in the nation’s insurance industry, which deadline was brought forward to October 1, 2018, from January 1, 2019...
Industry in panic mode as NAICOM takes ‘unilateral decision’ on TBMSC
The sudden change in the transition timetable of the Tier-Based Minimum Solvency Capital (TBMSC) regime to October 1, 2018, by the National Insurance Commission (NAICOM) has unsettled insurance sector players, as they lament the lack of consultations before the decision. NAICOM had earlier put the deadline for the implementation of this exercise at January 1,…
Insurance recapitalisation deadline now October 1 – NAICOM
The National Insurance Commission (NAICOM) on Friday confirmed backdating the insurance companies Tier-based recapitalisation commencement date to Oct. 1, as against January 1, 2019 it earlier announced.
Sector sustains losing streak with N20b in mobile insurance
There seems to be no end to the insurance sector’s losses, as an estimated N20 billion yearly expected premium from mobile insurance may have been taken over by network operators, which now sell insurance products and also receive claims through mobile phone across the country.
Insurance inclusion policy for 40m adults in rural communities
The traction in the insurance industry remains undaunted and the recent upsurge in policy directions has proved it. Just after the unveiling of a three-tiered recapitalisation...
Custodian reassures on special risks requirements
The recently announced risk-based capital requirements prescribed by the National Insurance Commission (NAICOM), for the industry operators is broadly viewed as a welcome development.
New capital requirements raise concerns for small operators
The new capital base requirements for the insurance industry, officially launched on August 1, 2018, may have sent a warning signal to operators, especially the small ones and increasing the possibility of a new round of mergers, acquisitions or operational scale down. Due to take off by January 2019, the policy by the National Insurance…