Category: Insurance & Pension

NAICOM Bows, Suspends Tier-based Minimum Solvency Capital policy

Finally, there is a popular saying that ‘if Mountain cannot go to Muhammed, then, Muhammed have to go to the mountain’ in this case since the stakeholders refused to accept the policy then the National Insurance Commission (NAICOM), the regulator has to go to the stakeholders’ needs by announced the suspension of the implementation of…

NAICOM suspends insurance firms’ recapitalisation

The National Insurance Commission has announced the suspension of the implementation of its Tier-based Minimum Solvency Capital policy, otherwise known as the recapitalisation of the industry. The commission stated this in a circular to all insurance institutions entitled, ‘Update on the implementation of the Tier-based Minimum Solvency Capital policy for insurance companies in Nigeria’, which…

NCRIB canvasses adoption of insurance to fight poverty

Mr Shola Tinubu, President, Nigerian Council of Registered Insurance Brokers (NCRIB), has admonished Federal Government to adopt insurance in fighting poverty through risk management and wealth creation. Tinubu gave the advice in an interview with news reporters in Lagos, South-Western Nigeria. According to him, the Federal Government should engage the instrumentality of insurance as a…

AIICO launches Agric Insurance

In response to the need for adequate insurance to protect investments in agricultural sector, AIICO Insurance Plc has launched its Agriculture Insurance policy. To achieve optimal result, the underwriting firm has partnered Nigeria Incentive Risk Sharing System for Agricultural Lending (NIRSAL). Its Managing Director, Edwin Igbiti, who spoke during the official launch  in Lagos said…

LASACO to raise N10b new capital

LASACO Assurance Plc has announced plans to raise N10 billion additional capital to from its existing and new shareholders. This, according to the firm, is part of efforts to position the company to operate as a Tier 1 level player under the newly introduced recapitalisation and reclassification structure by the National Insurance Commission (NAICOM). The…

Contributory pension assets rise to N8.33tn

The total assets under the Contributory Pension Scheme rose by N100bn from N8.23tn in June to N8.33tn at the end of August 2018. The acting Director General, National Pension Commission, Mrs Aisha Dahir-Umar, disclosed this during a retreat organised by the Pension Funds Operators Association of Nigeria for the Senate and House of Representatives Joint…