The National Insurance Commission (NAICOM) has formally presented new operational licences to SanlamAllianz Life Insurance and General Insurance Nigeria Ltd.
By Taiye Olayemi
The National Insurance Commission (NAICOM) has formally presented new operational licences to SanlamAllianz Life Insurance and General Insurance Nigeria Ltd.
The brief handover ceremony took place on Wednesday at the commission’s headquarters in Abuja.
Presenting the licences, the Commissioner for Insurance, Mr Olusegun Omosehin, reaffirmed NAICOM’s commitment to fostering the growth and development of insurance companies in the country, while upholding regulatory standards and consumer protection.
Omosehin urged the newly licensed entities to adhere strictly to principles of good corporate governance, financial stability, and prompt claims settlement.
He emphasised that these attributes were essential to rebuilding trust in the insurance industry and driving increased penetration across the country.
He said the commission would continue to remove unnecessary bottlenecks in its regulatory processes, in a bid to promote operational efficiency and ensure that industry players meet their obligations to policyholders.
The commissioner expressed optimism that the merger that led to the emergence of SanlamAllianz would strengthen the companies’ capacity and contribute meaningfully to the development of the Nigerian insurance sector.
NAN reports that the new licences follow the conclusion of regulatory approvals for the merger between Sanlam Nigeria and Allianz Nigeria. (NAN) (www.nannews.ng)