AIICO, NSIA Insurance get PenCom’s nod to underwrite FG’s risks

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Chuks Udo Okonta

AIICO Insurance Plc, NSIA Insurance Limited, FBInsurance Limited and other underwriters have been issued clearance certificates by the National Pension Commission (PenCom) to enable them participate in bidding government insurance businesses.

Data obtained from PenCom revealed that 1911 firms from different sectors of the economy have so far been granted certificates.

The data showed that AIICO Insurance contributed and remitted N193.93 million for its 296 employees in 2020, while NSIA Insurance, remitted N60.97 million for 128 employees and FBInsurance, remitted N128.36 million for 171 employees.

Linkage Assurance Plc, remitted N60.14 million for 174 employees; Custodian and Allied Insurance Limited, N59.91 million for 121 employees; Custodian Life Assurance Limited, N24.73 million for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

Mutual Benefits Life Assurance Limited, remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc., N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited, was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited, remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

PenCom noted that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Partners Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.

PenCom noted that as at the end of third quarter 2020, 5,700 private organisations applied for issuance of Pension clearance
Certificates(PCCs). Out of this number,5,432 organisations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.

It said a total sum of N244,979,121,189.77 was remitted into the RSAs of 76,498 employees by the 5,432 organisations that were issued certificates.

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