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Business Finance Info & Updates

Four Companies apply for fresh insurance licenses

Four companies intending to play in the insurance sector of the nation’s economy have applied to the National Insurance Commission (NAICOM) for new insurance operating licences, LEADERSHIP learnt.

The companies are: Heir Insurance Limited who intends doing General business; Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited and Enterprise Life Assurance Company Nigeria Limited.

Confirming this development, NAICOM said, “NAICOM has received applications from the listed companies for registration as insurance companies to transact insurance 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.”

Members of the public, it said, are requested to submit/report any objection or otherwise against these registrations to the Commission within the next 21 days.

While all the companies are based in Lagos State, Heir Insurance Limited (General) has Olaniyi Stephen Onifade, as its managing director, while Akinjide Orimolade, is the managing director of Stanbic IBTC Insurance Limited.

Heirs Life Assurance Limited chooses Abah Okoriko as its managing  director, even as Enterprise Life Assurance Company Nigeria Limited, picked Fumilayo Abimbola Omo as its managing     director/CEO.

The insurance industry in Nigeria is currently undergoing recapitalisation exercise which final deadline has been put at  September 30, 2020.

For any of them that wants to operate a Life insurance business, such entity must have N8 billion minimum paid-up share capital, while those interested in General insurance business must have N10 billion capital base.

Composite underwriters will need N18 billion minimum paid up capital to function effectively in the insurance sub sector of the financial sector of the country’s economy.

Also Read:  Only 3 states have group life insurance for workers-PenCom

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