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NAICOM grants licence to two Takaful insurance firms

Verod Capital acquires 100% stake Metropolitan Life Insurance from South African
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National Insurance Commission (NAICOM) on Monday said it had granted approval in principle to Cornerstone Takaful Insurance Company Limited and Salam Takaful Insurance Company Limited as Composite Takaful operators to transact both family and general Takaful businesses in Nigeria.

The insurance regulator disclosed this in a statement made available by its head, corporate affairs of the Commission, Rasaaq Salami, that the new development brings the total number of wholly Takaful operators to four, having earlier in 2016 granted licence to Noor Takaful and Jaiz Takaful, respectively.

The Approval in Principle to the two new companies is in line with the Commission’s drive for inclusion towards increasing insurance penetration in the country. A final operating licence will be issued to the companies upon provision of evidence of the following: Conducive business environment as their Head offices; an appropriate IT infrastructure and appointment of a head of IT; appointment of key personnel, and Submission of first set of products for Commission’s approval.

The Commission is currently processing more applications for possible approvals.

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