fine

With effect from October 1,  2012, it will become an offence for any insurance company to provide insurance cover without collecting the insurance premium due. Similarly, insurance brokers shall notify insurance companies within 48hours of receiving insurance premium collected from clients (policyholders). Failure to do so makes such broker liable to  fine of N250,000 in [...]

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The principles and operations of Takaful Insurance are solely based on Islamic injunctions with the purpose of being Shariah compliant.  Hence, adherents of other faiths believe that by taking part in it, they are taking on another faith. As Deacon Ladipo Ajayi, Managing Director, LASACO Assurance Plc puts it : “You have to believe in [...]

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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 NAICOM 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 [...]

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As a result of  increased terrorism activities in Nigeria, the National Insurance Commission (NAICOM) has introduced mechanisms to check questionable funds gaining entry into Nigeria through the insurance sector. The Deputy Commissioner, Finance and Administration, National Insurance Commission (NAICOM), Mr. George Onekhena, disclosed this in Lagos at a two-day seminar on anti-money laundering and combating [...]

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