According to NAICOM in a an advertorial published on Thursday, the four firms will be called Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited, and Enterprise Life Assurance Company Nigeria Limited.
“The National Insurance Commission (NAICOM) has received applications from the under listed companies for registration as Insurance Companies to transact insurance business in Nigeria. In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies. Members of the public are requested to submit/report any objection or otherwise against these registrations to the Commission within 21 days from the date of this publication, please,” the publication said.
Meanwhile, Heir Insurance Limited (General) has picked Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited picked Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited picked Abah Okoriko, and Enterprise Life Assurance Company Nigeria Limited picked Funmilayo Abimbola Omo.
There are currently 55 registered (underwriting) insurance companies in Nigeria, with 28 as general business underwriters, 14 life underwriters and 13 composite underwriters.
