NAICOM, NIA Clash Over Recapitalisation Of Insurance Firms       The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and...

NAICOM Tasks Insurers On N463.1bn Annuity Business       The National Insurance Commission (NAICOM) has expressed worry over the declining participation of life companies in retiree life annuity (RLA) business, which is considered a huge opportunity for the industry. RLA is a pension benefit administered by life insurance...

Reps Order NAICOM To Postpone Insurance Industry’s Recapitalisation Deadline       The House of Representatives has directed the National Insurance Commission (NAICOM) to suspend the December 31, 2020 deadline given to insurance and reinsurance firms to increase their minimum paid up capital. The House resolution followed a motion...

Insurers Losing Oil, Gas Premiums To Foreigners – NAICOM       The Commissioner for Insurance, Mr Sunday Thomas, has said the essence of the local content law is not being realised in the insurance sector because many businesses in the aviation and oil and gas sectors were...

NAICOM To Sanction Insurance Firms Over N40bn Unpaid Claims       The National Insurance Commission (NAICOM) said it is compiling the list of insurance companies for necessary regulatory sanctions over unsettled claims which industry experts have estimated to be over N40 billion. Commissioner for Insurance, Sunday Thomas, speaking...

Recapitalistion: Insurers Want NAICOM To Waive Dec Deadline         Insurance companies have urged the National Insurance Commission to waive the first phase of its segmented recapitalisation for the insurance and reinsurance companies scheduled to end by December 31, 2020. They spoke during a meeting of insurance companies’...