• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Sunday, January 29, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Insurance Operators Get Closing Year Dose Of Undulating Applause, Twists And Turns

Nwanne Ikemefune by Nwanne Ikemefune
December 9, 2022
in Insurance
0 0
0
Insurance Operators Get Closing Year Dose Of Undulating Applause, Twists And Turns

Insurance Committee Chairman & Commissioner for Insurance, Sunday Thomas (c) with Dep CFI Alhaji Sabiu Bello Abubakar, Diipo Olarenwaju, ILAN President, on the right is Funmi Omo, MD Enterprise Life and Edwin Igbiti, CIIN President at the event in Lagos.

0
SHARES
43
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The13th Insurance Committee meeting which took place today and chaired by the Commissioner for Insurance and CEO, Mr. Sunday Thomas and all the trade bodies in attendance which took place today in Lagos was a hallmark of measured applause, fitted knocks, encouraging future outlook and policy retouch and turns.

The National Insurance Commission not relenting on its resolve that claims should be paid, reminded insurers that claims payment is akin to revolving door which underwriters have obligation to and default is a ground for cancellation of licence.

Reinforcing the Commission’ stand, the Head Corporate Affairs and market development Rasaaq Salami, said insurance companies CEOs were reminded of the provision of the law as far as the issue of repudiating claims was concerned and that the law allows NAICOM to withdraw and cancel licence in the event of non settlement of claims.

Insurers also promised that going forward, there would be renewed commitment to claims payment, the insurers position was relayed by Jide Orimolade, chairman media subcommittee and CEO, Stanbic IBTC Insurance.

While the public continues to wait until the first quarter of 2023 to know the approved motor insurance tariff which would be cleared by the Minister of Finance, the revised bancassurance guidelines is scheduled to be released Friday, December 9, 2022.

In the expected guidelines, bank exclusivity is out of reach to any insurance company. The guidelines follows the CBN rule that gives other competitors a space to establish a market deal with as many banks as possible, thereby deflating any edge a bank owned insurance company might be expected to tread on.

L-R: Sammy Ogbodu, SUNU MD, Jide Orimolade Stanbic IBTC Insurance MD Rasaq Salami Dep Di. Mkt Devt and Ben Ujoatuonu at the media briefing

Also within the space of turns is current discourse to raise the capital of micro insurance and Takaful companies to a threshold that fits the present economic dictates.

The Committee were briefed that allis not lost on getting the Insurance Bill 2020 done within the year. The Commission promised that the bill would be presented at the floor of National Assembly before the end of the year.

While the annuity pension had turned sour for some life companies, life assurance companies were encouraged to rate the business as a potential for growth.

However, NAICOM which until now had expressed concern over the laggards who ignore the insurance portal, commended insurance companies for the over 90% compliance with policies upload to the portal.

In the same wise the Commission and operators expressed optimism that they now have necessary capacity to comply with IFRS 17 which commences January 1, 2023 and would be the basis of reporting 2023 report and accounts.

Previous Post

Financial Services: NEM Insurance Wins 2022 Sectorial Leadership Award

Next Post

NAICOM Prods Insurance Companies To Assemble ESG Operation Line That Impacts Stakeholders

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon
Insurance

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

January 28, 2023
Half Of UK Businesses ‘Likely To Be Underinsured’
Insurance

Half Of UK Businesses ‘Likely To Be Underinsured’

January 23, 2023
Insurers To Dump Obligation Draining Third Party Motor Tariff For Risk Right Price Jan 2022
Insurance

Motor Tariff, Scare Buyers Jostling Open Valve For Sanctions And Rusty Cover

January 20, 2023
Next Post
NAICOM Builds Project Warehouse For Innovation

NAICOM Prods Insurance Companies To Assemble ESG Operation Line That Impacts Stakeholders

Leave a Reply Cancel reply

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

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

360
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

81
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

42
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

38
Anchor MD Loses Father

Anchor MD Loses Father

18
Massive Verdict In Business Interruption Insurance Case

Massive Verdict In Business Interruption Insurance Case

7
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

6
CBN Governor

Deal With Azimo, Transfer Wise At Own Risk, CBN Warns

5
Image Spin: NAICOM Gets Royal Endorsement

Insurers Charged To Lead Recovery And Restoration After #EndSARS

5
NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

January 28, 2023
FIRS Breaks 2021 Records, Collects N10.1tr In 2022

FIRS Breaks 2021 Records, Collects N10.1tr In 2022

January 23, 2023
Half Of UK Businesses ‘Likely To Be Underinsured’

Half Of UK Businesses ‘Likely To Be Underinsured’

January 23, 2023
Insurers To Dump Obligation Draining Third Party Motor Tariff For Risk Right Price Jan 2022

Motor Tariff, Scare Buyers Jostling Open Valve For Sanctions And Rusty Cover

January 20, 2023
Risk Specialists Advice Business Leaders To Prepare For Rise In Civil Unrest

Allianz Report Ranks BI, Cyber Top, Africa Surrounded By Ukraine War, Economic & Political Risks

January 17, 2023
Heirs Life Spreads Nationwide, Targets Insured Public

Heirs Life Spreads Nationwide, Targets Insured Public

January 17, 2023
BI Policy Soars Globally Despite Current Biting Cocktail

BI Policy Soars Globally Despite Current Biting Cocktail

January 16, 2023
Risks Infestation, WEF Advances Collaboration To Avert “Resource Rivalries”

Risks Infestation, WEF Advances Collaboration To Avert “Resource Rivalries”

January 12, 2023
Nwachukwu Takes Charge At Royal Exchange General Insurance

Nwachukwu Takes Charge At Royal Exchange General Insurance

January 9, 2023
Capacity To Deliver, Sanlam Life Says Excellent Service Is Unwavering Commitment

Capacity To Deliver, Sanlam Life Says Excellent Service Is Unwavering Commitment

January 9, 2023

Recent News

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

January 28, 2023
FIRS Breaks 2021 Records, Collects N10.1tr In 2022

FIRS Breaks 2021 Records, Collects N10.1tr In 2022

January 23, 2023
Half Of UK Businesses ‘Likely To Be Underinsured’

Half Of UK Businesses ‘Likely To Be Underinsured’

January 23, 2023
Insurers To Dump Obligation Draining Third Party Motor Tariff For Risk Right Price Jan 2022

Motor Tariff, Scare Buyers Jostling Open Valve For Sanctions And Rusty Cover

January 20, 2023
Risk Specialists Advice Business Leaders To Prepare For Rise In Civil Unrest

Allianz Report Ranks BI, Cyber Top, Africa Surrounded By Ukraine War, Economic & Political Risks

January 17, 2023
Heirs Life Spreads Nationwide, Targets Insured Public

Heirs Life Spreads Nationwide, Targets Insured Public

January 17, 2023
BI Policy Soars Globally Despite Current Biting Cocktail

BI Policy Soars Globally Despite Current Biting Cocktail

January 16, 2023
Risks Infestation, WEF Advances Collaboration To Avert “Resource Rivalries”

Risks Infestation, WEF Advances Collaboration To Avert “Resource Rivalries”

January 12, 2023
Nwachukwu Takes Charge At Royal Exchange General Insurance

Nwachukwu Takes Charge At Royal Exchange General Insurance

January 9, 2023
Capacity To Deliver, Sanlam Life Says Excellent Service Is Unwavering Commitment

Capacity To Deliver, Sanlam Life Says Excellent Service Is Unwavering Commitment

January 9, 2023

Tonia Smart Farewell, Impact Streams

January 6, 2023
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

2023: Sovereign Trust Insurance Promises Policyholders Mutually Rewarding Insurance Transactions

January 4, 2023
Insurance Consumers Lobby Oppose New Motor Tariff, Brokers Assign Diagnosis To Technical Committee

Insurance Consumers Lobby Oppose New Motor Tariff, Brokers Assign Diagnosis To Technical Committee

January 4, 2023
NAICOM Builds Project Warehouse For Innovation

NAICOM Helmsman, Thomas, Best Supportive CEO On SERVICOM

January 3, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

NIA Optimistic Of Insurance Bill 2020 Receiving President’ Consent Soon

January 28, 2023
FIRS Breaks 2021 Records, Collects N10.1tr In 2022

FIRS Breaks 2021 Records, Collects N10.1tr In 2022

January 23, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In