Tags: NAICOM

Court Halts NAICOM From Any Intending Action Against Guinea Insurance

In what many who have ready or watch award-winning play by Ola Rotimi, titled ‘Our Husband Has Gone Mad Again’ or ‘rouge regulatory duty’ in Insurance Industry by the National Insurance Commission from the failed policy withdrawal to another controversial with operators of Guinea Insurance Plc leading to a Federal High Court sitting in Abuja…

A New Insurance Distribution Guidelines Under Way, NAICOM Says

The Insurance firm apex regulatory body, National Insurance Commission (NAICOM) has disclosed that comes January 2019, a new insurance distribution channel guidelines known as the State Insurance Producers (SIP) will be released to the stakeholders. The Commission said this is in furtherance of its policy to diversify insurance distribution in Nigeria. Disclosing this at the…

Thompson profiles 9 regulatory model ways proportionate solvency capital in insurance business

The Insurance Regulatory Commission recently introduced the Tier-Based Minimum Solvency Capital (TBMSC) policy for insurance companies which have been termed controversial by some operators. In trying to address the issue through media, the National Insurance Commission (NAICOM) came up with an event named the media editors & insurance correspondents’ awareness workshop on the reclassification and…

NAICOM Says Tier-Based Minimum Solvency Capital Not A Recapitalisation Policy

The National Insurance Commission (NAICOM) said that the Commission has not asked any insurance company to raise capital. It Tier-Based Minimum Solvency Capital (TBMSC) is not a recapitalisation policy or project. We are also warning insurers not to de-market other operators over the tier-based policy. Speaking at the 2018 annual seminar for Insurance and Pension Correspondents…

3 -Tier Capital Based Structure Under Way in Insurance Industry from Jan 1, 2019-NAICOM

Nigerian insurance industry, will as from January 1, 2019, commence implementation of three tiers recapitalisation in the sector. The 3 -tier based recapitalisation which was introduced by Federal Government (FG)), through the National Insurance Commission (NAICOM) was meant to ensure that insurance companies venture into business based on the financial capacity. As result of the…

NAICOM made promise to refund illegal fines with apology

  The Commissioner for Insurance and helmsman, National Insurance Commission (NAICOM) Mohammed Kari, has vowed to apologise and refund all ‘unjustified’ fines imposed on insurance companies that have concrete evidence to prove their innocence.   He told NAIPCO Trumpet, a flagship Journal of National Association of Insurance and Pension Correspondents, that Insurance Act 2003 spells…