The CBIRC has updated its solvency regulations for insurers with the revised rules to take effect from 1 March 2021. The “Regulations on the Solvency Management of Insurance Companies” aims at plugging regulatory gaps in the current solvency system by strengthening solvency supervision and consumer protection. The “Regulations” is set […]
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Insurers to procure equipment for Police, Road Safety, Road-Traffic Agencies
Leave a comment and share Chuks Udo Okonta Insurance operators are expected to set aside three per cent of their net premium on motor vehicles policies, which part of the fund would be used to procure equipment for the Nigeria Police, Federal Road Safety Corps and Road-Traffic Agencies. This is […]
ECOWAS to inaugurate Musa as Chairman, Council of Bureaux
Leave a Comment and share Chuks Udo Okonta The Economic Community Of West African States (ECOWAS) is set to inaugurate Ganiyu Musa, as the Chairman of Council of Bureaux, ECOWAS Brown Card Insurance Scheme. To this end, the inauguration, slated for 26th of January, 2020, is expected to take place […]
Chairman ORC Elusakin unveils 5-point agenda
Elusakin Leave a comment and share Chuks Udo Okonta The Chairman, Office Representatives Committee (ORC) of the Chartered Insurance Institute of Nigeria, Gbenga Elusakin, has unveiled a 5-point agenda on which his is administration would leveraged to drive its set objectives. He unveiled the agenda during his investiture as the […]
Exclusive rights offered local reinsurers stifle underwriting technical knowledge – IMF
Leave a Comment and share Chuks Udo Okonta Mandatory cession, preferential tax treatment and supervisory exemptions offered to local reinsurers create an unlevel playing field, hinder competition and deny insurers the benefit from the transfer of technical know-how from foreign reinsurance companies, hence should be reconsidered, the International Monetary Fund […]
Niger Insurance delights claimants with N1.7bn claims payout
From left: Chairman, Niger Insurance Plc, Dr. Stephen Dike; Managing Director, Edwin Igbiti, and Director, Mijinyawa Lawal, at the company’s Annual General Meeting in Lagos, yesterday Leave a comment and share Chuks Udo Okonta Niger Insurance Plc. has soothed pains of its policyholders by paying N1.7 billion as claims in […]
Consolidated bill pegs insurance capital at N8bn, N10bn, N20bn
Leave a Comment and share Chuks Udo Okonta In spite efforts by some individuals to thwart the recapitalisation of the insurance sector, operators will still need to raise their capital to N8 billion; N10 and N18 billion immediately the consolidated bill transforms to an Act. Data obtained from the bill […]
NAICOM supports FBS Reinsurance
Leave a Comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has thrown its supports behind the newly licenced FBS Reinsurance Limited by ensuring that underwriters recognise the firm as they embark on this year’s reinsurance treaties. Inspenonline gathered that underwriters which hitherto failed to recognised the firm […]
IMF decries insurers’ poor accounting, auditing practices
° Says NAICOM’s supervisors spend more time verifying data than analysing them Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said supervisors from the National Insurance Commission (NAICOM) spend more time verifying data than analysing them due to poor accounting and auditing of Insurance […]
Nigeria’s insurance sector capital base three to six times higher than other countries – IMF
Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said Nigeria’s insurance industry minimum capital requirements are three to six times higher than other developing countries. The IMF said this in a report entitled: Nigeria: Publication of Financial Sector Assessment Program Documentation – Detailed Assessment […]
