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NAICOM warns insurance firms against violating rules

The National Insurance Commission (NAICOM) yesterday warned promoters of the newly licensed insurance firms to play by insurance rules and regulations by sticking to the corporate governance ethics. The commission reiterated its resolve to recall operating licence of any insurance firm that breaches its rules and guidelines. The Commissioner for Insurance, NAICOM, Mr. Sunday Thomas, gave the warning in Abuja, when he presented operating licences to six insurance firms.

The new firms are: Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited, Cornerstone Takaful insurance and Enterprise Life Assurance. Nigeria’s business Mogul and Chairman, United Bank for Africa (UBA) and Heirs Holdings, Mr. Tony Elumelu, is the promoter of Heirs Insurance, while FBS Reinsurance has former Commissioner for Insurance, Mr. Fola Daniel, as one of its promoters.

Speaking during presentation ceremony which held at NAICOM’s headquarters in Abuja, Thomas urged insurance promoters to play by insurance sector rule and regulation. He added: “NAICOM is a regulatory and supervisory institution responsible for the insurance industry. As an operator, there are roles and responsibilities.

 

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