Category Archives: Insurance

States’ non-compliance with pension scheme worrisome’

Despite the different strategies employed by the National Pension Commission (PenCom) to persuade and encourage state governments in Nigeria to comply to the provisions of the Pension Reform Act (PRA) 2014, states’ compliance to the Contributory Pension Scheme (CPS) remains inconsistent and worrisome to operators.

With this low compliance from states, there could be hitches with the drive by PenCom to secure a better retirement life for employees of all state governments, as the commission with its mandate to oversee all pension matters in Nigeria remains incapacitated, dealing with issues relating to states’ compliance.

Firm wants government, businesses to prioritise risk management

A leading global firm, Resource Result U.S.A & Nigeria, has urged governments and businesses to give priority to risk management to achieve good governance.
The firm, which focuses governance, risk and compliance consulting and internal audit assurance, called for the use of scarce national resources to enhance stakeholder returns.

Managing Partner, Abdulfattah Ademokunla, spoke as part of preparations for a two-day workshop scheduled for November 21 and 22,2018 at the Lagos Chamber of Commerce & industries, Alausa, Lagos, and on November 28 and 29, 2018 in Abuja.

PenCom develops ECRS IT infrastructure for micro pension

National Pension Commission (PenCom) has developed the Enhanced Contributor Registration System (ECRS) to facilitate the enrolment of participants in the Micro Pension Scheme when the scheme is rolled out, according to Mrs. Aisha Dahir-Umar, acting director-general of the commission.

Dahir-Umar who spoke in Calabar said the ECRS was developed to clean-up data in the Contributory Pension Scheme (CPS).

LASACO Assurance mulls N10 billion additional capital for tier 1 status

LASACO Assurance Plc is planning to raise additional N10 billion capital from its existing shareholders and new ones, as part of plans to attain a Tier 1 status, under the new Tier-Based Minimum Solvency Capital (TBMSC).The company plans to raise the additional capital through public offer, special placement or right issues and preference shares.

Wife Kills Herself & Kids After Husband ‘Fakes Death’ For Insurance Payout, Thinking He Was Truly Dead

A woman killed her children and herself after her husband faked his own death as part of an insurance con – and failed to tell her.

Dai Guihua, 31, left a 1,000-word suicide note on WeChat and disappeared with their son and daughter, aged four and two, sparking a search by local authorities in Xinhua county, China, when she thought her husband was dead.

AIICO launches Agric Insurance

In response to the need for adequate insurance to protect investments in agricultural sector, AIICO Insurance Plc has launched its Agriculture Insurance policy.

To achieve optimal result, the underwriting firm has partnered Nigeria Incentive Risk Sharing System for Agricultural Lending (NIRSAL).

Its Managing Director, Edwin Igbiti, who spoke during the official launch in Lagos said the firm was taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the various players in the agricultural value chain.

LASACO Assurance Plc to raise N10b new capital

LASACO Assurance Plc has announced plans to raise N10 billion additional capital to from its existing and new shareholders.

This, according to the firm, is part of efforts to position the company to operate as a Tier 1 level player under the newly introduced recapitalisation and reclassification structure by the National Insurance Commission (NAICOM).

The company, having secured its shareholders’ approval, will in the weeks ahead unfold strategies to raise the new fund, which will enable it play big in the nation’s insurance industry under the current Tier Based Minimum Solvency Capital introduced by NAICOM.

Who Pays for Title Insurance When Selling a Home: The Buyer or the Seller?

Who pays for title insurance when selling a home: the buyer or the seller? The answer depends on the customs and practices of each individual state.

Q: Is it mandatory for a seller to pay for title insurance in Oregon especially if they were sole owner of home from the day it was constructed?