NAICOM halts delivery of composite licenses

Nigerian law, henceforth, requires separation of life operations from non-life business for insurance companies. The National Insurance Commission (NAICOM) will no longer deliver composite licenses to insurers who are now required to set up two separate entities in order to underwrite life or non-life business. This move is likely to prompt merger-acquisition operation and improve the market’s capacity.

The news was announced during a meeting of the members of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in early March 2018.