NAICOM approves 2 new Takaful insurance companies

Must Read

Access Bank Plc Appoints Dr (Mrs) Ajoritsedere Awosika As Board Chairman; Mosun Belo-Olusoga steps down

The Board of Directors of Access Bank Plc is pleased to announce that its Chairman, Mrs. Mosun Belo-Olusoga will be retiring...

Kirusa Nigeria’s Country Manager Opens Up On Work-Life, Communication And Tech Adoption In Nigeria

Kirusa, is a global leader in communication solutions over data networks for consumers and enterprises, one of its key...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -
- Advertisement -

Nigeria’s financial sector and service options expanded further yesterday, as the National Insurance Commission (NAICOM) granted approval-in-principle to Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Limited under the composite category.

The development would see the new entrants into the nation’s insurance sector transact both family and general Takaful businesses in Nigeria. It also brings the total number of wholly Takaful operators in the country to four, having earlier granted a licence to Noor Takaful and Jaiz Takaful in 2016.

The Deputy Director/Head of Corporate Affairs of NAICOM, Salami Rasaq Obomeile, disclosed this to The Guardian in Abuja, yesterday. Obomeile also said that the regulatory support to the two new companies is in line with the commission’s drive for inclusion towards increasing insurance penetration in Nigeria.

Read:  Nigeria Insurance Division Grossed N400 Billion Cumulative Premium in 2018

According to him, a final operating licence will be issued to the companies upon provision of strong evidence, which includes conducive business environment at their head offices, an appropriate IT infrastructure and appointment of a head of IT, appointment of key personnel and submission of the first set of products for the commission’s approval. He stressed that the commission is currently processing more applications for possible approvals.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

What are the least developed countries?

Geneva, Switzerland, (19 November 2019) - There are 47 countries currently designated by the United Nations as least developed...

Galaxy Entertainment Group Introduces Galaxy International Convention Center and Galaxy Arena – Asia’s Ultimate Integrated Resort & MICE Destination in Macau

BARCELONA, SPAIN - Media OutReach - 19 November 2019 - Galaxy Entertainment Group (GEG), Macau's leading integrated resort,...

Boutir’s Facebook Extension Workshop in Kuala Lumpur

Brought Together Merchants to Drive Regional Connectivity KUALA LUMPUR, MALAYSIA - Media OutReach - 19 November 2019 -  Boutir Limited, a leading social mobile commerce solutions provider and multi-channel...

3D Printing Sentiment Index: USA leads as most advanced country in 3D printing

Inaugural research commissioned by Ultimaker shows positive growth potential for 3D printing on global scale FRANKFURT, GERMANY - Media OutReach - 18 November 2019 - Ultimaker, the global leader in desktop...

More Articles Like This