……Envisions a Promising Future for the SectorBarbara Bako, Abuja. The National Insurance Commission (NAICOM) has warmly accepted the passage of the new Insurance Consolidated Bill by the Upper Chamber of the National Assembly and is optimistic that the legislation will unlock the growth, prosperity, and potentials of the insurance industry. The Commission in a statement…
Barbara Bako, Abuja. The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to partner to implement insurance provisions for assets under public-private partnership arrangements, as outlined in the law. This was discussed during a courtesy visit of the Commissioner for Insurance Mr. Olusegun Ayo Omosehin to the Office of the…
The National Insurance Commission (NAICOM), on Friday presented an operational license to NPF Insurance Company Limited in a brief ceremony held in Abuja. According to the commission, the development enables NPF Insurance to commence general insurance operations in Nigeria, having successfully fulfilled all registration requirements. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, formally handed over…
Barbara Bako, Abuja. The National Insurance Commission(NAICOM) and the Nigerian Data Protection Commission (NDPC) have taken a significant step in enhancing data protection within the insurance sector. According to a statement from NAICOM, the Memorandum of Understanding (MoU) which was signed on Friday in Abuja aimed at strengthening data protection in the insurance sector. Some…
Barbara Bako, Abuja. The National Insurance Commission (NAICOM) has said that it will no longer tolerate any unnecessary delays in the settlement of genuine claims. The Commissioner for Insurance/CEO Mr. Olusegun Omosehin said this on Wednesday in Lagos at the 2024 insurance directors’ conference themed “Board Performance in the Nigerian Insurance Industry: A GRC Approach”…
Tough days are ahead of Nigerian insurers that cut corners with the regulations and guidelines of the National Insurance Commission (NAICOM). The Executive Chairman of the Economic and Financial Crimes Commission (EFCC) Mr. Ola Olukoyede gave the warning in Abuja on Wednesday when a delegation of the management team of National Insurance Commission, NICOM, led…
….appoints Interim Management BoardBarbara Bako, Abuja. In the exercise of its regulatory powers, the National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies. According to a statement by NAICOM on Wednesday in Abuja, the decision follows years of insolvency and failure to…
The National Insurance Commission (NAICOM) and the Ministry of Youth Development has signed a Memorandum of Understanding to train one million youths in the country in conjunction with the Chartered Insurance Institute of Nigeria. The program tagged “One Million Youths in Insurance” is in line with the project of President Bola Ahmed Tinubu to create…
Barbara Bako, Abuja. The National Insurance Commission (NAICOM) says it has set out five key strategies in order to reposition the insurance industry and place high priority in certain areas that will potentially stimulate the transformation agenda of the insurance Industry. While giving his keynote address at the Insurance Meets Tech (IMT) on the theme,…
Barbara Bako, Abuja. The National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) sets to explore collaborative opportunities to advance the diversification of the Nigerian economy. According to a statement signed by the commission on Thursday, the Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team welcomed the members…
