Niger Insurance
Senate summons insurance firms over failure to remit N17.4 billion pension fund
The Senate Public Accounts Committee, on Monday, summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over alleged failure to remit N17.4 billion fund to Pension Transitional Arrangement Directorate (PTAD). The Executive Secretary of PTAD, Dr Chioma Ejikeme, had told the panel that PTAD took over the assets and liabilities of defunct pension offices without a formal handing over. She said, “On taking over, the Directorate wrote all underwriters to make returns and remit whatever amount is in their custody into a CBN dedicated account. Some of the underwriters responded to the request while some did not. “The bank certificate of balances, accounting statements, 3 years financial statements and policy files requested by the Federal Auditor were not handed over to PTAD ...
NAICOM issues operating licenses to 4 insurers, 1 reinsurance firms
File Photo The National Insurance Commission (NAICOM) has granted operating licenses to four insurance firms and one reinsurance company to operate in the nation’s insurance industry. The four insurance firms are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited. The Commissioner for Insurance, Sunday Thomas, while presenting the licenses to the companies in Abuja, said that they have met the statutory requirements to carry out insurance business in Nigeria. Meanwhile, Heirs Insurance Limited (general) has appointed Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited appointed Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited a...
