NAICOM Rakes In N2.17billion;To Be Self-Financing by 2013

by Free Insurance advice on June 18, 2012 · 0 comments

in General, Insurance in Nigeria, Latest Insurance News

The Commissioner For Insurance, Mr Fola Daniel has revealed that the National Commission may be self-financing as from the next fiscal year.This was contained in the  May/June edition of the Bulletin

This implies that the Commission would no longer depend on government funding for any of its projects or programmes. Also, the Commission generated a whopping N2.17billion as internally generated revenue in 2011 which is over 300% over and above the grant of N582.7million received from the government for the same year.

 

derives bulk of its internally generated revenues from statutory one percent on gross generated by insurance companies as well as fines imposed on companies for breach of laid down rules and guidelines

Industry watchers are of the opinion that  a financially autonomous NAICOM is good for the insurance industry as a stronger regulator will help deepen the market.  It is believed that the growth of the banking sector is tied to the it enjoys

 

 

 

 

 

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