Connect with us

Hi, what are you looking for?

Business

More insurance companies to face sanctions, liquation—NAICOM

The National Insurance Commission (NAICOM) says more insurance firms may face sanctions through liquidation as part of their moves to sanitize and reposition the industry for efficiency.

Technocrat Media

The National Insurance Commission (NAICOM) says more insurance firms may face sanctions through liquidation as part of their moves to sanitize and reposition the industry for efficiency.

Sabiu Abubakar, deputy commissioner, Technical, NAICOM, made this known in Lagos on Thursday.

Mr Abubakar was speaking at the Chartered Insurance Institute of Nigeria (CIIN), Second Edition of 2022 Business Outlook Seminar in Lagos on Thursday.

According to NAN, the theme of the seminar was titled: “Economic Policies of the Government in 2022: Challenges, Issues, and Prospects’’.

“Recently two insurance companies’ licenses have been withdrawn, which include Niger Insurance and Standard Alliance Insurance.

“Though managing the death or failure of the financial institutions is very demanding, nevertheless more may still be liquidated in order to sanitise the insurance sector,” he said.

Mr Abubakar noted that the Commission had strengthened its regulatory oversight to ensure that operators of the industry discharge their obligations by settling genuine claims timely.

The deputy commissioner said that insurance regulation and supervision were always the bedrock of national economic development.

According to him, NAICOM’s reforms and regulatory initiatives would positively impact the insurance industry and the industry would witness tremendous development and growth.

Mr Abubakar urged insurance practitioners to comply with and support the commission’s efforts.

Also speaking, CIIN’s President, Mr Edwin Igbiti, said the seminar was organised for key players in the insurance industry and other finance sub-sector to review the business environment in the country.

Mr Igbiti added that the review was for the performance of the industry in the immediate past year and way forward for the new year.

“The programme among other things examined the national budget, reviewed the thrusts of the fiscal and monetary policies of the government, and estimated how these would influence the insurance industry in particular and the economy in general,” he said.

According to Igbiti, the seminar was important considering the challenges bedeviling the country such as; insecurity, high inflation rate, debts, oil subsidy as well as the upcoming elections.

He stated that even though there was a positive projection of the global industry at the beginning of the year, the deliberation would have an effect on the insurance industry and the economy in general. 

Dear Reader, Excellent journalism is expensive. It is only the same that can help to build our society and country to entrench good governance, and development and ensure justice for all.

We need your support for investigative findings and special reports to demand accountable and transparent government. DONATE today to help us stay relevant to serve your quest for accurate and authentic stories.

DONATE TO 0450702364, naira OR 0657626454, USD – GTBANK

TECHNOCRAT INNOVATIONS PLUS LTD

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Like Our Facebook Page

You May Also Like

Business

The federal government and the United Arab Emirates (UAE) have reached a new agreement on the resumption of travel for Nigerian passport holders.

BREAKING

The Supreme Court has declared that it is unconstitutional for state governors to hold onto funds meant for Local Government (LG) administrations.

Governance

Former President Olusegun Obasanjo, says his administration left the economy of Nigeria better than it is now.

Economy

Dr. Zacch Adedeji, the chairperson of the Federal Inland Revenue Service (FIRS), says the revenue agency achieved a milestone of collecting a total of...

Finance

On Monday, the Central Bank of Nigeria (CBN) in a circular directed banks and other financial institutions to commence the implementation of a 0.5...

Economy

The Bola Tinubu-led administration recently approved the commencement of the first phase of the Consumer Credit Scheme.