BY ZAKA KHALIQ, Lagos
The federal government, through the National Insurance Commission (NAICOM), has licensed four insurance companies and one reinsurance company, taking the number of insurance and reinsurance companies in the country to 63.
The operational licenses were issued to the concerned underwriters by NAICOM at its headquarter in Abuja today.
The new brides of the industry are; Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.
Having received applications from the under listed companies for registration as Insurance and reinsurance companies to transact underwriting business in Nigeria, NAICOM had now granted them the licenses in fulfillment of its statutory provisions of extant laws for the registration/licensing of insurance companies.
Earlier, Heir Insurance Limited (General) had picked Olaniyi Stephen Onifade, as its managing director; Stanbic IBTC Insurance Limited named Akinjide Orimolade, as its managing director; Heirs Life Assurance Limited made Abah Okoriko as its managing director while Enterprise Life Assurance Company Nigeria Limited, picked Fumilayo Abimbola Omo as its MD/CEO.
FBS Reinsurance Limited is now led by the former commissioner of Insurance/CEO of NAICOM, Fola Daniel.
The commissioner for Insurance, Mr. Sunday Thomas, had earlier said, his commission will continue to drive the insurance industry toward the path of growth, through policy decisions that can further deepen insurance penetration in the country.
Licensing new firms, it was learnt, is to further enhance even spread of insurance products and services across the country.