NAICOM issues operating licenses to 4 insurers, 1 reinsurance firms

By Joseph Inokotong, Abuja

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 are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited.

The Commissioner for Insurance, Sunday Thomas, while presenting the licenses to the companies in Abuja, said that they 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 former Commissioner of Insurance, Fola Daniel is the arrowhead of FBS Reinsurance Limited.

He said, FBS is assembling, professionals with proven experience from the brokerage and underwriting units of the industry including Bala Zakariyau, 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 are all on board.

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.

For the reinsurance firm to commence a business, it is required to pay the new N20 billion minimum capital stipulated by the Commission under the ongoing recapitalisation of the Insurance industry.

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