NAICOM pledges to sanitize insurance industry

Adebayo Obajemu

As part of its commitment to sanitise the insurance industry, the National Insurance Commission (NAICOM) has reinstated its pledge to withdraw the licenses of more erring insurance companies. This comes shortly after the revocation of the operational licences of Standard Alliance and Niger Insurance.

According to the Chairman, Governing Board of NAICOM, Dr Abubakar Sani, the agency was bent on protecting policyholders and instilling discipline in the industry.

“We have to sanitise the institutions and we will not allow weak companies to continue in order to protect policyholders. This is important so that at the end of the day, nobody will accuse of having weak regulations. We are out to really protect policyholders”