The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties …
Which agency regulates insurance companies?
Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.
How do I set up an insurance company in Nigeria?
How to Start a Profitable Insurance Company In Nigeria
- Register your business with the government. …
- Get registered with regulatory agencies. …
- Get insured with a re-insurance company. …
- Acquire all necessary permits and licenses. …
- Determine the insurance risks to cover. …
- Have money on reserve for initial take-off and claims. …
- Become a licensed agent, franchise, or be your own agency.
Who is the commissioner for insurance in Nigeria?
Nigeria’s President Muhammadu Buhari has approved the appointment of Sunday Thomas as commissioner for insurance and chief executive officer of the National Insurance Commission.
What is the capital base of insurance companies in Nigeria?
Life insurers are expected to raise minimum paid-up capital from ₦2 billion to ₦8 billion; general underwriters from ₦3 billion to ₦10 billion; while composite and reinsurance companies have new minimum paid-up share capital requirements of ₦18 billion and ₦20 billion, up from ₦5 billion and ₦10 billion respectively.
What are the reasons for the government to regulate insurance?
- Licensing and regulating insurance companies and others involved in the insurance industry;
- Monitoring and preserving the financial solvency of insurance companies;
- Regulating and standardizing insurance policies and products;
- Controlling market conduct and preventing unfair trade practices; and.
How do I file a complaint against an insurance company?
- Call Toll Free Number 155255 (or) 1800 4254 732 or. Send an e-mail to firstname.lastname@example.org.
- Make use of IRDAI’s online portal – Integrated Grievance Management System (IGMS): Register and monitor your complaint at igms.irda.gov.in.
How much money do you need to set up an insurance company?
Starting your own independent insurance agency requires start-up capital. The amount you will need can range from as little as $5,000 to $50,000 or more, depending factors such as where you’re located and how you plan to operate your business.
How much money do I need to start an insurance company?
Industry experts say that it takes about $20,000 in seed money to start an insurance agency. That money helps with initial office space, technology, and other related costs. After getting licensed, you’ll need to think hard about what types of insurance you’ll want to sell.
How many insurance companies are in Nigeria?
There are 57 insurance companies operating in the Nigerian market, according to the report, based on the country’s latest regulatory data.
What is the name of the first insurance company in Nigeria?
What is the name of the first insurance company in Nigeria? Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria.
What is the history of insurance in Nigeria?
The first insurance company indigenous to Nigeria was the African Insurance Company Limited. This was established in 1958. On October 1, 1960, the country gained Independence from the British. … In 1961 the J.C. Obande Commission report, a milestone in the history of insurance in Nigeria, was released.
Who is the CEO of Naicom?
President Muhammadu Buhari has approved the appointment of Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM).
How does insurance work in Nigeria?
Insurance Companies in Nigeria and around the world operate in the financial services sector. … For example, an insurance company insures your vehicle against it being stolen or damaged by accident by replacing it or repairing it at no additional cost to you in exchange for the premium you must have paid upfront.
How many composite insurance companies do we have in Nigeria?
Nigeria currently has Sixty-three (63) re/insurance companies comprised of Thirteen (13) Composite, Twenty-seven (27) General, Thirteen (13) Life, Two (2) Reinsurance, and Four (4) each of Microinsurance and Takaful companies.
How do I register my insurance company?
What are the documents attached to the application for registration of an insurance company?
- Certified MOA and AOA.
- 5 years business plan.
- Certificate of incorporation.
- Certified copy of provisions of shareholding between foreign investor in the company and Indian promoter.