Nigerian govt to begin classification of insurance firms

FG to begin classification of insurance firms

The Federal Government said it was ready to introduce a new classification policy into the insurance industry.

The policy, which would be implemented through the National Insurance Commission (NAICOM), would ensure insurance firms are classified on a risk-based system, where they will be restricted to specific areas where they can best perform.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Muhammad Kari, made this known while speaking at an executive breakfast meeting organized by the society for Corporate Governance Nigeria, on Wednesday in Lagos.

Read Also: CURRENCY SWAP DEAL: CBN highlights conditions for trading

Kari, while delivering a lecture titled, ‘Corporate governance and the Nigerian insurance industry’, said under the planned risk-based system, insurance companies would be restricted to operate only within their areas of core competences and capital assets.

“We are used to classifying companies with their capital but we are working on the process of introducing risk-based classification, which will try to see what assets or capital can cover,” he added.


RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!