Heirs Insurance, Stanbic IBTC Insurance, others await NAICOM’s verdict

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) is presently developing reports from the pre-licensing inspection conducted on the four firms seeking operational lincences to enable them execute underwriting business, Inspenonline has learnt.

Head, Corporate Communications & Market Development, NAICOM, Rasaaq Salami, told Inspenonline that the officials sent to conduct pre-licensing inspection on the four firms, have concluded their assignment and are presently working on the report that would precede the licensing of the firms.

Recalled that this medium had reported few week back that NAICOM was to conduct
pre-licensing inspection which would entailing visiting the firms locations and thereafter, a report would be written from the inspection, before licences would be granted.

NAICOM had in July this year, announced that four firms which are: Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited and Enterprise Life Assurance Company Nigeria Limited, applied for underwriting operational licences.

NAICOM in a publication said: “The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance Companies to transact insurance business in Nigeria. In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies. Members of the public are requested to submit/report any objection or otherwise against these registrations to the Commission within 21 days from the date of this publication, please.”

Heirs Insurance Limited (General), picked, Olaniyi Stephen Onifade, as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, picked, Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, picked, Fumilayo Abimbola Omo.

Tony Elumelu, is the Chairman, Heirs Insurance Limited (General); Yinka Sanni, Chairman, Stanbic IBTC Insurance Limited; Abdulqadir Jeli Bell, Chairman, Heirs Life Assurance Limited and Keli Gadzekpo, Chairman, Enterprise Life Assurance Company Nigeria Limited.

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