Efekoha 2016 is a year of recession that affected every sector including insurance industry, but hopes are high that 2017 could be a new dawn for insurance sector as well as the country if government harmonise its fiscal and monetary policies. Moreover, the commencement of Risk Based Supervision (RBS) which […]
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Insurance firms suffer dwindling shareholders’ funds
Kari Leave a comment and share Chuks Udo Okonta Many insurance firms need to urgently embrace consolidation and recapitalisation to remain afloat as their shareholders’ funds have dropped below statutory requirement, Inspen can report. Investigation by Inspenonline revealed that the shareholders’ funds of seven firms are presently below statutory capital […]
Annuity providers woo retirees despite embargo
Leave a comment and share Chuks Udo Okonta In spite the three month embargo placed on the sales of annuity business, Life insurance operators have continued to court retirees for possible patronage of their products. The operators were seen given out fliers and collecting data of retirees at the 11th […]
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NAICOM to sanction insurers over local content infraction
CFI/NAICOM boss, Mohammed Kari Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully utilising local capacities. The commission in a circular entitled: Utilisation of In-Country Capacities of Nigerian Insurers, […]
Photos: Faces at LASPEC’s 34th Retirement Benefit Bond Certificate Presentation Ceremony
From left: Commissioner Establishments, Training and Pensions Lagos State, Dr. Benson Akintola, presenting a certificate to a retiree; Director-General Lagos State Pension Commission, Folashade Onanuga and Acting Head of Service, Lagos State, Folasade Adesoye at the event. Retirees From left: Acting Head of Service, Lagos State, Folasade Adesoye; Commissioner Establishments, […]
Lagos State expends N132.84bn on employees’ pension rights in 9 years
From left: Commissioner Establishments, Training and Pensions Lagos State, Dr. Benson Akintola, presenting a certificate to a retiree; Director-General Lagos State Pension Commission, Folashade Onanuga and Acting Head of Service, Lagos State, Folasade Adesoye at the event. Leave a comment and share Chuks Udo Okonta Lagos State Government has expended […]
Pension exec moved $2B for coke, hookers, bribes
By Jake Pearson A former top official at the country’s third-largest pension fund and two broker-dealers were charged Wednesday in what a federal prosecutor described as a classic bribery scheme that steered $2 billion in trades in exchange for drugs, prostitutes, vacations and U.S. Open tennis tickets. “The hard-earned pension […]
EXCLUSIVE: China insurance regulator tightening new license issuance – source
By Sumeet Chatterjee and Michelle Price China’s insurance regulator is making it much tougher for insurers to get new licenses as it seeks to reduce risks resulting from the aggressive business and investment practices of some players, said three people with knowledge of the matter. Concerns about the kinds of […]
Insurers await N224bn windfall from Budget lift on infrastructure
Insurers are waiting with bated breath for a potential N224 billion windfall from a stimulation of the industry by government’s record 30.7 percent capital expenditure in the 2017 budget that will trigger activity in infrastructure. Analysts’ expectations are based on the effective implementation of the total budget of N7.2 trillion […]
