INSPENONLINE: NAICOM issues guidelines on Takaful Insurance

Friday 12 April 2013

NAICOM issues guidelines on Takaful Insurance

Chuks Udo Okonta

The Nation Insurance Commission (NAICOM) has released the guidelines on Takaful Insurance which it said is in line with the provisions of the 1997 Insurance Act, and the need to complement the current drive for Financial Inclusion to increase insurance penetration in Nigeria.

A circular signed by Deputy Commissioner for Insurance (Technical) NAICOM Ibrahim Hassan, noted that with the guidelines, all intending applicants seeking license from the Commission to transact takaful-insurance business in Nigeria must possess the followings: Certificate of Registration as a full-fledge takaful-insurance company in accordance with International best practice, adding that such a company must have, as part of its name, words or terminologies that connote takaful operations.

It said the the company must maintain a minimum deposit in a non-interest financial institution at all times and that the provision for the establishment of an Advisory Council of Experts (ACE) must be made in the articles of the Company and there should be establishment of investment policy for the participants’ Risk Fund.

Takaful means joint gurantee or share responsibility in Arabic, it operates in according to Islamic laws, the products are designed to carter for muslims and non- moslims. The products are meant to encourage saving culture and build capital, over a period of time to meet personal or business needs.

Under takaful plan, people can save regularly for a fixed period that is convenient for them. The accumulated targeted amount can be used to fund obligations such as purchase of land, house, marriage or hajj. It could also be used to meet other long term financial objectives, such as retirement, children education, travelling expenses as well as expected commitment

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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