Insurance World

NAICOM Approves Two New Takaful Insurance Companies


PRESS RELEASE—-The National Insurance Commission (NAICOM) on Monday saidbit has granted approval In Principle to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd 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 N oor Takaful and Jaiz Takaful respectively. 

This new development brings the total number of wholly Takaful operators to four (4), having earlier in 2016 granted licence to Noor Takaful and Jaiz Takaful respectively. 

The AIP 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:

A. Conducive business environment at their Head offices,

B. An appropriate IT infrastructure and appointment of a head of IT,

C. Appointment of key personnel and,

D. Submission of first set of products for Commission’s approval.

The Commission is currently processing more applications for possible approvals.

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