The National Insurance Commission (NAICOM) has warned that insurance operators who run afoul of any rule or regulation put in place for the smooth operation of the insurance industry would be sanctioned, notwithstanding the challenges they are facing.
Also, insurance and reinsurance companies in the country have presented the Federal Government a long list of demands including the abolition of statutory deposit, refund of levies imposed of uncollected insurance premiums and review of the Companies Income Tax Act (CITA) to reflect the peculiarities of insurance business.
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