The National Insurance Commission (NAICOM) has granted approval in principle (AiP) to Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Limited as Composite Takaful operators to transact both family and general Takaful businesses in Nigeria.
According to NAICOM in a statement, this new development brings the total number of wholly Takaful operators to four, having earlier in 2016 granted licence to Noor Takaful and Jaiz Takaful respectively.
The statement noted that the AiP to the two new companies is in line with the Commission’s drive for inclusion towards increasing insurance penetration in the country.
A final operating licence will be issued to the companies upon provision of evidence of the following: Conducive business environment at their Head offices; an appropriate IT infrastructure and appointment of a head of IT; appointment of key personnel and submission of first set of products for Commission’s approval.
NAICOM is processing more applications for possible approvals, the statement read.