NAICOM grants licence to two Takaful insurance firms

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.

Related News

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.

Modestus Aneasoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.