The Securities and Exchange Commission (SEC) Nigeria has indicated that plans are going on to release a new guideline on Shariah Advisory Services for non-interest capital market products and services. The commission disclosed that the latest regulatory guideline had become imperative since Shariah governance is crucial considering that compliance with Shariah rules and principles is […]
The Federal Government has said it will soon issue a circular to all Ministries, Departments and Agencies (MDAs) for compulsory insurance of all government assets. Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, disclosed this in Abuja when he received the governing board of the National Insurance Commission (NAICOM). Mustapha, who was […]
The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM) have jointly presented new insurance services guidelines to stakeholders in the nation’s oil and gas industry. The latest initiative by the agencies is aimed at ensuring that operators use local risk-underwriting firms to cover their risks in the industry. Specifically, the […]
The National Insurance Commission (NAICOM) has issued operational guidelines which require intending Web Aggregator to pay N2.5 million as licensing fee. In addition, the intending aggregator is required to pay a non-refundable fee of N500,000, while license renewal will cost N1 million. According to the insurance practices regulator, the guidelines will serve as a working […]
Nigeria Insurers Association (NIA) on Wednesday disclosed that risk underwriting companies in the country paid over N5.4bn in claims settlement arising from #EndSARS losses. The association’s Director-General, Yetunde Ilori, made this disclosure at the Surplus Distribution Event held by Noor Takaful Limited and commended the insurance company for its contributions to the industry. The DG […]
The National Insurance Commission (NAICOM) on Tuesday disclosed that substantial part of public assets in the country remained under-insured in terms of their real value. The Commissioner for Insurance, Mr. Sunday Thomas, gave this hint at a Sensitisation Workshop organized for insurance desk officers of Ministries, Departments, and Agencies (MDAs) on the insurance of Federal […]
The National Insurance Commission (NAICOM) on Wednesday hinted that plans were ongoing to introduce micro takaful insurance in Kano State as a means of providing an accepted and accessible insurance system for the largely Muslim populace in the state. The industry regulator’s Head of the Microinsurance Unit, Hajia Aisha Bashir, made the disclosure at a […]
With just about eight months to the dealine set by the National Insurance Commission (NAICOM) for all insurance companiesin the country to recapitalizeor forfeit their licences, some shareholders in the entities are seeking an extension of the June 2020 date based on their findings as to the state of the financial capacity of the risk […]
The Securities and Exchange Commission (SEC), at the weekend said that it would strengthen collaboration with other regulatory institutions in the financial sector in the task of improving Nigeria’s financial literacy rate. The commission hinged the step on the potential of the collaboration to help in taking the ongoing campaigns to the grassroots with the […]
The National Insurance Commission ( NAICOM), at the weekend reported that insurance industry’s gross claims in the third quarter rose to N143 billion, representing a 30 percent increase over the N110 billion claims paid by operators in the corresponding period of 2017. The Commissioner for Insurance (CFI), Mr. Mohammed Kari, who made this disclosure during […]