Category: Insurance & Pension

NAICOM Goes After CBN’s Divestment Crumbs

The National Insurance Commission (NAICOM), has lauded the directive by the Central Bank of Nigeria (CBN) that banks should divest from non- core banking business, describing it as a move that has gone a long way to boosting insurance business. The Commissioner for Insurance, Mr. Fola Daniel, who disclosed this recently at a seminar organised…

NAICOM plans micro-insurance for poor Nigerians

THE NATIONAL INSURANCE COMMISSION (NAICOM) HAS PROMISED TO COME UP WITH AN ACTION PLAN FOR THE PROMOTION OF MICRO-INSURANCE THAT WILL REDUCE POVERTY AND AID SUSTAINABLE ECONOMIC DEVELOPMENT IN THE COUNTRY. The Commissioner for Insurance, Fola Daniel announced the plan at a stakeholders meeting on micro-finance in Abuja. According to Daniel, the commission is at…

Total IFRS compliance in 2012 financial report a must- NAICOM

The year’s financial returns from the insurance and reinsurance firms must be International Financial Reporting Standards (IFRS) compliant National Insurance Commission (NAICOM) insisted that all the insurance and reinsurance firms in Nigeria must return their accounts reports in 2012 on IFRS specification reporting. The Deputy Commissioner for Insurance (Finance and Administration), George Onekhena, told chief…

Insurance Practitioners Admonish To Focus On Customer Service Delivery.

Insurance can contribute significantly to the economic development of Nigeria as it is being witnessed in the developed world, if practitioners will lay emphasis on customer service delivery, a Consultant to the World Bank, Vyasa Krishna Burugupalli, has said. Burugupalli, point out that explore micro agric insurance remains about the best option if Nigeria is…