Saturday, February 22, 2020
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NAICOM Approves Two New Takaful Insurance Companies

CompaniesBy Tony Obiechina, Abuja
The National Insurance Commission (NAICOM) has granted Approval In Principle (AIP) 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. 
This brings to four, the total number of wholly Takaful operators having earlier in 2016 granted Licence to Noor Takaful and Jaiz Takaful respectively. 
The AIP to the two new companies is in line with the Commission’s drive for inclusion towards increasing insurance penetration in the country. 
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 Commission’s approval.
According to a statement from NAICOM on Tuesday, the Commission  was currently processing more applications for possible approvals.

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