Insurance companies now 63 as NAICOM registers five

The regulatory body of insurance in Nigeria, 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 on Friday.

According to Daily Trust, the newly licensed insurance companies 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

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