MATTHEW OTOIJAGHA
The National Insurance Commission (NAICOM) has told the 17 insurance firms selling micro-insurance products through the window operations to acquire fresh license within a period of 18 months.
The ultimatum was issued in the revised micro-insurance guideline and reaffirmed by the Commissioner for Insurance, Mohammed Kari, at a seminar organised by NAICOM for Insurance Journalists in Benin City, Edo State.
Kari, who was represented by Deputy Commissioner Technical, National Insurance Commission, Sunday Thomas, at the event, noted that, in case any of the concerned insurance firms failed to acquire fresh licenses, those with non-life Micro-insurance products should wind up their operations, within 18 months, while those with life classes should not later than 24 months transfer the life classes to dedicated Micro insurance company within this period.
NAICOM, in section 10, sub section 1 and 2 of the revised Micro-insurance guidelines released recently to the public said: “Existing Conventional micro-insurers shall wind down their window operations for non-life classes within 18 months from the effective date of this Guideline and in not later than 24 months transfer the life classes to a dedicated micro-insurance company.”