NAICOM releases guidelines on State Insurance Producer

By Meletus EZE The National Insurance Commission (NAICOM) has released guidelines for the operations, business conduct and obligations of  State Insurance Producer (SIP), a new insurance agency  it has newly developed. The Chief Executive Officer of NAICOM, Alhaji Mohammed Kari, unveiled the guidelines in Abuja on Tuesday. Kari, who is also the Commissioner for Insurance (CFI),  said the new guidelines  would align the activities of SIPs. ” In pursuant to the powers conferred on it by section 49(1) of NAICOM 1997 Act,, the commission hereby issues  guidelines for licensing and…

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New insurance intermediary, State Insurance Producer, begins Jan.1- NAICOM

By Giwa SHILE The National Insurance Commission (NAICOM) said it has developed new alternative channel for insurance distribution, code named “State Insurance Producer” (SIP), and will become effective in January. The Commissioner for Insurance (CFI), Alhaji Mohammed Kari, said on Sunday that the SIP was evolved to ensure insurance spread in the country. Kari said that SIP would bridge the wide gap and link Nigerians with access to insurance in relation to the population size of Nigeria. He said that the SIP would offer intermediary services, as defined in the…

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Staco Insurance assures shareholders of maximum protection on investments

By Aliyu DANLADI Staco Insurance Plc on Tuesday assured its shareholders of maximum protection on their investments with the company. Its Acting Managing Director, Mr Bayo Fakorede, gave the assurance in Lagos against the backdrop of allegations of regulatory infractions by the House of Representatives Sub-Committee on Capital Market. Fakorede said that management of the company would not take for granted the confidence investors bestowed on the company. “We want to assure all our insuring public and the shareholders in particular, that their investments are safe and intact with us.…

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Pension fund assets hit N8.14tr — PenCom

By Giwa SHILE The National Pension Commission (PenCom) said the total pension fund assets stood at N8.14 trillion as at May, 2018. PenCom in a statement signed by its spokesman, Mr Peter Aghahowa, on Sunday said  the assets rose from N7.52 trillion in December 2017, to N8.14 trillion in May 2018. The Commission said: “The pension assets as at December 2017 stood at N7.52tn, it moved up to N7.8 trillion as at February and soared to N7.94 trillion in March, then to N8.14 trillion in May.” It also posited that…

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CIIN unveils reformed code for insurance practice

By Giwa SHILE The Chartered Insurance Institute of Nigeria (CIIN), has unveiled new code for insurance practice in the country. The President of CIIN, Mrs Funmi Babington-Ashaye, unveiled the code at the ongoing 2018 National Insurance Conference in Abuja on Monday. She said the codes would align the practitioners with international best practices. TBI Africa reports that the National Insurance conference with the theme: “Insurance Industry and Financial Inclusion’’ attracted more than 500 Insurance practitioners. The practitioners were drawn from the Nigerian Council of Registered Insurance Brokers (NCRIB), Chartered Insurance…

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Insurance industry grows premium by N47bn, elects new NIA chairman

By Kunle SHONUGA The Gross Written Premium (GPW) of insurance companies in Nigeria grew by N47.1 billion in 2017, according to the Nigeria Insurance Association (NIA). The GPW is the value of total business undertaken by insurance companies during the period. The outgoing Chairman of NIA, Mr Eddie Efekoha, disclosed this at the association’s 2017 and 40th Annual General Meeting (AGM) in Lagos. He said the GPW grew to N363 billion from N315.96 billion recorded in 2016. Efekoha attributed this success to the Market Restructure and Development Initiative (MDRI) of…

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Insurance sector targets 40m financially excluded Nigerians, says Hassan

By Kunle SHONUGA Authorities in the nation’s insurance sector say they are committed to ensuring that more than 40 million Nigerians who are excluded financially are empowered and brought into the system through insurance. The President of Institute of Loss Adjusters (ILAN), Alhaji Femi Hassan, said in Lagos on Monday at a media briefing that the Insurance Industry Consultative Council (IICC), the umbrella body for all insurance institutions in the country, was committed to the project. TBI Africa reports that IICC consists of the National Insurance Commission (NAICOM), the regulatory…

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Zenith Insurance records N12.5bn gross premium, pays N6.7bn claims

By Giwa SHILE Zenith Insurance recorded gross premium written of N12.5 billion during its last financial year ended December 31, 2017, representing 12 per cent increase over the N11.116 billion recorded in 2016. The company’s financial statements, which were approved by the National Insurance Commission (NAICOM) on April 20, 2018, also Indicated that its net assets stood at N23 billion, one of the highest in the country’s insurance industry. The company, one of the youngest in the industry, had a solvency ratio of 634 per cent in 2017, indicating that…

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