NIGERIA – Heirs Insurance Limited (General) and Heirs Life Assurance Limited, insurance companies chaired by Nigerian business mogul Tony Elumelu, are among to six new insurance firms and one reinsurer that were issued operational licenses by the National Insurance Commission (NAICOM).
This was disclosed by the NAICOM boss, Mr. Sunday Thomas, while handing over operational licenses to the five firms at the NAICOM Head Office in Abuja.
The other firms include Stanbic IBTC Insurance Limited, Enterprise Life Assurance Company Nigeria Limited, and FBS Reinsurance Limited, Salam Takaful, and Cornerstone Insurance Co. Limited.
“The National Insurance Commission (NAICOM) received applications from the under listed companies for registration as Insurance and Reinsurance Companies to transact insurance and reinsurance business in Nigeria,” said Mr. Thomas.
“Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.”Tony Elumelu – Chairman, Heirs Holdings
“In fulfilment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.”
Earlier in a publication by NAICOM announcing the applications of the operators, the commission disclosed that Heirs Insurance Limited was incorporated in February 2015; while Heirs Life Assurance Limited was incorporated in February 2019.
“This represents an important milestone of a long-term strategic journey in providing much needed, quality, and valuable financial services, to a broad demographic in Nigeria. Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried & tested business philosophies,” Tony Elumelu said.
“Fueled by the determination to improve lives and leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding and operational excellence.”
Elumelu noted that it had been a five-year journey, but with the optimism and the resilience that have brought them this far, it has been worth the wait for the Group to receive the licences.
“I would like to warmly thank our new CEOs — Dr. Adaobi Nwakuche, MD/CEO of Heirs Insurance and Niyi Onifade, MD/CEO of Heirs Life Assurance, our Board members, regulatory partners, those who have believed in this dream, despite the obstacles, and those who have cheered us on,” he added.
Heirs Insurance Limited (General) got a non-life operating licence. Heirs Life Assurance Limited; Stanbic IBTC Insurance Limited (life); Enterprise Life Assurance Co got life operating licences.
FBS Reinsurance Limited got a reinsurance licence, increasing the number of reinsurance operators in the country to three. Salam Takaful and Cornerstone Takaful Insurance Co Limited got takaful operating licences.
Takaful Insurance is based on Sharia or Islamic religious law, which explains how individuals are responsible for the protection of one another. Takaful Insurance policies cover health, life, and general insurance needs.
It is introduced as an alternative to those in the commercial insurance industry, which is believed to go against Islamic restrictions on interest, gambling, and uncertainty principles – all of which are outlawed in Sharia.
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