NAICOM Issues Licenses to Stanbic IBTC Insurance, 4 Others

NAICOM issues new capital requirements for the Insurance Industry

NAICOM Issues Licenses to Stanbic IBTC Insurance, 4 Others – The National Insurance Commission (NAICOM) has welcomed four new insurance firms and one reinsurance company, giving them licences to operate in the country.

The new firms are Heir Insurance Limited (General), Stanbic IBTC Insurance Limited, Heirs Life Assurance Limited, Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.

Speaking at the handing over of operational licences to the five firms at NAICOM head office in Abuja on Friday, the Commissioner for Insurance, Mr Sunday Thomas, said the development was expected to drive insurance in the country.

According to him: “NAICOM received applications from the companies for registration as insurance and reinsurance companies to transact insurance and reinsurance business in Nigeria.

“In fulfilment of the statutory provisions of extant laws for the registration/licensing of insurance companies, the general public is hereby informed that the commission has commenced the process of registering the companies.

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“Consequently, Heir Insurance Limited (General), has picked Olaniyi Stephen Onifade as its Managing Director, Stanbic IBTC Insurance Limited picked Akinjide Orimolade as Managing Director, Heirs Life Assurance Limited picked Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited picked Fumilayo Abimbola Omo.

“FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel. FBS is bringing together professionals with proven experience from the brokerage and underwriting units of the industry including Bala Zakariya, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry. Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.

“These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent.

“Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement and also Yusuf Hamisu Abubakar, a lawyer and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

“The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry.”

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