The National Insurance Commission (NAICOM) has announced that the Policyholders' Protection Fund (PPF) will be activated to cover any shortfall in claims payment following the withdrawal of licenses from six insurance companies that failed to meet the industry recapitalisation exercise. The Commissioner for Insurance and CEO of NAICOM, Mr Olusegun Omosehin, disclosed this during an interactive session with insurance journalists in Lagos. At the end of the recapitalisation exercise, 48 insurers and two reinsurers were relicensed, while six licenses were withdrawn from Nicon Insurance, Nigeria Reinsurance Corporation, Goldlink Insurance, Staco Insurance, Royal Exchange Prudential Insurance, and Universal Insurance. The Nigerian Agricultural Insurance Corporation (NAIC) also failed to meet requirements.
Related Articles
Don't miss out on breaking stories and in-depth articles.