29 stories found
The National Insurance Commission (NAICOM) announced that seven more insurance companies have successfully scaled the recapitalization hurdle. The National Insurance Association (NIA) has expressed its support for NAICOM's efforts.
Lasaco Assurance Plc has successfully completed its recapitalisation process, fulfilling NAICOM’s new capital requirements and strengthening its market position in Nigeria's insurance industry.
The Nigerian Insurers Association (NIA) commends NAICOM’s transparent implementation of new capital requirements, bolstering the Nigerian insurance sector’ Read More:…
AIICO Insurance Plc has obtained a new license from NAICOM after fulfilling recapitalisation requirements, simultaneously announcing a N13.4 billion profit for the second quarter.
NAICOM has announced the successful completion of Nigeria’s insurance recapitalization, clearing 43 insurers and reviewing eight, marking a new era for the sector.
The National Insurance Commission (NAICOM) has praised the Senate for successfully passing the National Insurance Regulatory Commission Bill, calling it a significant legislative milestone.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin of the National Insurance Commission (NAICOM), has tasked the Nigerian Insurers Association (NIA) with leading efforts to rebuild public trust in the insurance industry as it enters a new phase.
The National Insurance Commission (NAICOM) and Abia State have partnered to enhance investors’ confidence and mitigate risks, as announced by NAICOM's CEO Olusegun Omosehin.
By Rosemary Iwunze The National Insurance Commission, NAICOM, has called on insurers to transition from a product-centric approach to a customer-centric model. Commissioner for Insurance, Mr.
The National Insurance Commission (NAICOM) has directed 67 insurance companies to contribute a 0.25% protection levy to a new fund, designed to create a safety net for policyholders in case of company insolvency.
Nigeria's Minister of Finance, Taiwo Oyedele, has questioned the National Insurance Commission (NAICOM) regarding its imposition of a 1% Capital Injection Fee and a verification fee. These fees are part of the insurance recapitalization process.
Consolidated Hallmark Insurance reaffirms financial strength, meeting NAICOM’s recapitalisation requirements.
Cornerstone Insurance and its subsidiary, FIN Insurance Company Limited, have been recognized by NAICOM for fulfilling the NIIRA 2025 recapitalization requirement.
African Alliance Insurance Plc has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting regulatory directives to proceed with its implementation.
The Nigerian Senate has repealed the outdated 1997 NAICOM Act, passing a new bill to establish a modern and tougher legal framework for the country’s insurance industry.
The Nigerian Senate has passed a new bill aimed at strengthening insurance regulation, modernizing the sector, and enhancing oversight by repealing the National Insurance Commission (NAICOM) Act.
The National Insurance Commission (NAICOM) has charged the new leadership of the Nigerian Insurers Association (NIA) to focus on prompt claims settlement, market discipline, and digital innovation to enhance the insurance industry's efficiency.
Nigeria's National Insurance Commission (NAICOM) has granted the country's inaugural insurtech license, marking a significant step for innovation in the insurance sector.
Various reports from Nigeria detail incidents of police misconduct, high-profile fraud cases, legal disputes, and government policy decisions. These events collectively highlight ongoing challenges in law enforcement, financial integrity, and public administration across the nation.
Nigeria's National Insurance Commission (NAICOM) has launched the Insurance Policyholders’ Protection Fund (IPPF), requiring all insurance and reinsurance companies to contribute 0.25% of their net premium income. The fund aims to safeguard policyholders.
Nigeria's Minister of Finance, Taiwo Oyedele, has questioned the National Insurance Commission (NAICOM) regarding the imposition of a one per cent Capital Injection Fee and other charges related to insurance recapitalisation.
Five Nigerian insurers are intensifying efforts to meet NAICOM capital rules under the new Insurance Industry Reform Act 2025, with updates on their recapi Read More:…
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation. Muiz Banire has been appointed as the receiver/liquidator for the company.
The National Insurance Commission (NAICOM) has successfully completed the recapitalization exercise for 43 insurance companies, aligning with the Tinubu administration's financial sector transformation agenda to achieve a $1 trillion economy by 2030.
The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have endorsed the new Lagos Building Insurance Scheme, providing regulatory support and emphasizing its role in protecting lives and property.
Nigeria's National Insurance Commission (NAICOM) has issued a warning to insurance operators, emphasizing the mandatory July 31 recapitalization deadline and urging compliance.
The National Insurance Commission (NAICOM) announced that insurance companies with outstanding claims will not be relicensed as part of the ongoing recapitalization efforts. This directive aims to ensure that only financially stable and responsible insurers continue to operate in the market.
The National Insurance Commission (NAICOM) has granted a license to a digital insurance firm, marking the first insurtech company to be licensed under Nigeria's new reform.
The insurance industry has reported substantial growth, with premium income reaching N2.3 trillion. This represents a 47.3% increase, indicating a robust performance in the sector.