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NAICOM decries obsolete insurance laws

The National Insurance Commission, NAICOM, has decried the obsolete nature of some sections of the laws governing insurance practice in Nigeria and hence called for an urgent amendment.

Recapitalisation: Insurers praise NAICOM on deadline extension

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for its recent extension of deadline for recapitalisation of insurance and reinsurance companies in the country, describing it as a step in the right direction.

2020: A year to turn around insurance industry – NAICOM

The National Insurance Commission (NAICOM) says 2020 is a year to turn around the fortunes of the insurance industry.

NAICOM extends recapitalisation deadline for insurance, reinsurance companies by six months

The National Insurance Commission (NAICOM) has extended the recapitalisation deadline for Insurance and Reinsurance Companies earlier slated for June 30, 2020, to December 31, 2020.

Sovereign Trust Insurance lists 4.17 billion rights shares

Sovereign Trust Insurance Plc has listed additional 4.17 billion ordinary shares of 50 kobo each on the Nigerian Stock Exchange (NSE), the last step in its recent capital raising process.

NAICOM okays new directors for standard alliance insurance

The National Insurance Commission (NAICOM) has approved the appointment of Haruna Mohammed and Uzoma Igbonwa as the nonexecutive directors for Standard Alliance Insurance Plc.

College of Insurance begins construction of N310 million auditorium

The College of Insurance and Financial Management (CIFM), Lagos-Ibadan Expressway held the Sod Turning Ceremony of its proposed N310 million auditorium to boost infrastructure development.

NAICOM to indemnify investors of failed companies

Against the backdrop of ongoing recapitalisation of the insurance industry, the National Insurance Commission (NAICOM) has said it will indemnify investors of firms which failed to meet the recapitalisation exercise.
President of the Senate, Ahmad Lawan, presiding over the plenary in the upper chamber on Thursday, 3rd October, 2019.

Senate decries poor enlightenment, weak insurance regulation

The Senate has expressed its displeasure over the poor regulation of insurance companies in the country, concerned about the low enlightenment of Nigerians on insurance policies.

44 insurance firms get no objection on recapitalisation plan

The National Insurance Commission (NAICOM) has granted no objection to 44 insurance companies to proceed with their recapitalisation plan.

NAICOM: Insurance firms’ total assets hit N1.3 trillion

The total asset of 58 insurance companies as at 2018 stands at N1.3 trillion, Acting Commissioner, National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas has said.

NAICOM’s industry portal goes live next year

A portal of the National Insurance Commission (NAICOM) that will integrate all insurance transactions in the insurance industry into a single hub will go live next year, its Acting Commissioner, Mr Sunday Thomas said on Thursday.

NAICOM berates board interference in insurance firms

Board members of some insurance firms have interfered in management functions and contributed to their problems, the Acting Commissioner, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said.

NAICOM: Insurance sector life annuity fund portfolio hits N323 billion

The Insurance sector life annuity fund portfolio stood at about N323 billion at the end of the second quarter of 2019.

Expert urges NAICOM to convert non-recapitalised companies to micro-insurers

The National Insurance Commission (NAICOM) has been advised not to totally dispose off insurance companies that fail to meet the new minimum capital requirement for underwriters but instead, convert them to micro-insurers.

NAICOM approves two Takaful insurance firms

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.

How to spot fake vehicle insurance certificates

The menace of fake motor insurance certificates has become a major concern for all stakeholders in Nigeria’s insurance sector considering that over seven million vehicles ply public roads with invalid insurance papers.

Nigerian insurers cede over $46.2bn risks abroad

Nigerian insurance companies ceded over $46.2 billion to international insurance companies out of a total sum insured of $146.2 billion risks of top 11 companies in 2018.

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UK debunks 5G-coronavirus link after conspiracy theorists burn cell tower

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UN commends Nigeria over coronavirus response

The United Nations Secretary-General Antonio Guterres has praised the Nigerian government for handling the Coronavirus pandemic well.

Skype creates link-based calling without requiring the app or an account

Skype is trying to make it as easy as possible to use its video calling software. The company announced today that users can now start a video meeting and invite people to it without using the app or even having an account; the process is done completely on the web.