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...

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...