Nigeria: NAICOM Approves 2 New Takaful Insurance Companies

10 September 2019

The National Insurance Commission (NAICOM) 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.

According to a statement from the commission, the new companies bring 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, the statement said, is in line with the commission's drive for inclusion towards increasing insurance penetration in the country.

The statement noted that a final operating licence will be issued to the companies upon provision of evidence of the following: conducive business environment at 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 the commission's approval.

The commission is currently processing more applications for possible approvals, the statement concluded.

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