NAICOM grants operating license to insurers, Reinsurance firms

The National Insurance Commission (NAICOM) has granted operating licenses to four insurance firms and one reinsurance company to operate in the nation’s insurance industry.

The four insurance firms includes Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited.

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The Commissioner for Insurance, Sunday Thomas, presenting the licenses to the companies in Abuja, said that the companies have met the statutory requirements to carry out insurance business in Nigeria.

Meanwhile, Heirs Insurance Limited (general) has appointed Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited appointed Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited appointed Abah Okoriko, and Enterprise Life Assurance Company Nigeria Limited appointed Fumilayo Abimbola Omo.

The arrowhead of FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.

Besides, FBS is bringing together, professionals with proven experience from the brokerage and underwriting units of the industry including Bala Zakariyau please, 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..

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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