The National Insurance Commission (NAICOM) has granted Microinsurance licence to Goxi Microinsurance Company, thus, becoming the pioneer standalone microinsurer in the country.
To this end, the Microinsurance outfit will only operate in Lagos State, having being granted State Composite license.
The composite Microinsurance license, will allow the firm transact Life and General Micro insurance Business within its domicile State.
A statement from the commission signed by its Spokesperson, Mr. Salaami ‘Rasaaq, disclosed that this approval is one of several applications received by the commission from individuals and corporate entities requesting approval for registration as Micro Insurance firms.
Stating that this company becomes the first full-fledge standalone Micro Insurance operator in Nigeria, the regulatory body noted that this gesture was a result of its drive to ensure insurance market development through enhanced access points for insurance services in the country.
Being a State Microinsurer, Goxi’s minimum capital base is pegged at NI00 million,
while the regulator expects the underwriter to operate only in Lagos, with at least three branches or office locations, each in a different Local Government Area of the state.
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