The National Insurance Commission (NAICOM) has introduced International Financial Reporting Standards (IFRS) 9, The Nation has learnt. The model is an accounting standard that would compel insurance companies to measure their liability in a way that the insuring public can determine their claims payment capability through their financial statements. Simply put, depending on how the […] …
NAICOM
Court upholds order restraining NAICOM from suspending Guinea Insurance
A Federal High Court sitting in Abuja has upheld an earlier order restraining the National Insurance Commission (NAICOM) from suspending Guinea Insurance Plc over underwriting of new insurance businesses.
Continue reading Court upholds order restraining NAICOM from suspending Guinea Insurance at Vanguard News Nigeria. …
NAICOM to focus on capital requirement, risk based supervision, others in 2019
The National Insurance Commission (NAICOM) has listed capital requirement for insurance practice, establishment and implementation of effective risk management and full implementation of risk based capital and supervision as areas of focus for the commission this year. Other areas, according to the commission, include monitoring of asset and liability management practices; enforcement of code of […] …
NAICOM: insurance penetration in Nigeria, others abysmal
Insurance penetration in Nigeria and other African countries remains abysmally low, Deputy Commissioner for Insurance, Technical, National Insurance Commission (NAICOM), Mr. Sunday Thomas, said at the weekend. Thomas, who spoke during Chartered Insurance Institute of Nigeria (CIIN) Business Outlook in Lagos, said the industry, during the third quarter 2018, recorded 22 per cent increase in […] …
NAICOM approves first micro insurance company to run state business
In a move to deepen insurance penetration and acceptance in the country, the National Insurance Commission, NAICOM, has approved GOXI Microinsurance Company Limited to operate as a State Composite Micro-insurer .
Continue reading NAICOM approves first micro insurance company to run state business at Vanguard News Nigeria. …
Guinea challenges NAICOM over suspension
Guinea Insurance Plc has debunked claims that the National Insurance Commission has suspended it from doing new insurance business. Its Chairman, Godson Ugochukwu in a statement, said contrary to reports by NAICOM that the company has been suspended from transacting new businesses, the company is still in business. He said the allegations levelled against the […] …
NAICOM suspends Guinea Insurance
The National Insurance Commission (NAICOM) has suspended Guinea Insurance Plc from doing new businesses, it was gathered on Wednesday. Sources within the insurance industry said the suspension took effect from January 29 this year. Going forward and until the suspension is lifted, the firm cannot take new businesses except to maintain the existing businesses in […] …
Why N1tr premium target failed, by NAICOM
The N1 trillion premium income projected target for the industry has not been successful because insurance operators failed to behave rationally, Deputy Commissioner for Insurance, Technical, Sunday Thomas has said. Thomas, who spoke at a forum in Lagos, stated that the commission proposed N1 trillion for the market, under certain circumstances and with a lot […] …
