Chuks Udo Okonta
The National Insurance Commission (NAICOM) says it has not lowered the curtain on issuance of new licences to prospective investors who can meet the necessary requirements.
The Commissioner for Insurance Fola Daniel, disclosed this at a media parley in Ilorin, Kwara State, adding that in democracy, no government agency or commissioner can deny qualified prospective investors their rights to acquire licences.
He said: "In democracy, no government official or commissioner can say there would not be issuance of license, you cannot do that. If a company meets all the requirements, we cannot but issue license, we also look at the moral factors such as would the company create additional value and improve the industry?
"We also have the responsibility to help the government in job creation and reduce unemployment. So, if a new company is coming on board and it would generate employment for Nigerians, add value to insurance, why would we not give it a licence."
It would be recalled that the industry has set out plans to create 300,000 jobs in the next two years.
The industry, inclusive of agents and brokers, currently employs about 50,000 persons but insurance industry has the capacity to employ a lot more, the government believes.
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