NAICOM Issues Fresh License To 5 Operators

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The National Insurance Commission (NAICOM) is currently issuing licenses to five new companies in the Insurance industry.

The companies are Heirs Insurance General Limited; Heirs Life Insurance Company Limited; Stanbic IBTC Life Assurance Limited; Enterprise Life Limited; and FBS Reinsurance Limited.

This was announced this morning at the ongoing training programme organised by the Insurance Industry Consultative Council in Ijebu Ode, Ogun State, South West Nigeria by Mr Rasaaq Salami, the Media Communications director of the Commission.

With the new licences issued by the Commission the current number of Insurance operators has now jumped to 62 from 57.

However, with the ongoing industry recapitalisation, it is believed that the new firms have automatically make the new mandatory paid up capital base of N20billion for reinsurance companies, N10billion for general business companies and N8billion prescribed.

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