U.S. regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes have revealed. last July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies on its auto borrowers. Wells Fargo did… Continue reading Wells Fargo faces sanctions for auto insurance payouts.
Nigeria’s National Pension Commission (PenCom) has issued compliance certificates to 83 companies which serve as approval to bid for Federal Government contracts this year. This was against 13,592 issued in 2017. PenCom noted that the reduction in number is due to the reluctance of federal government Ministries, Departments, and Agencies, MDAs, to cooperate with it.… Continue reading Nigeria’s Pension Commission (PenCom) clears 83 firms for Federal Government contracts
The Nigerian Federal Government has inaugurated a road map to guide farmers in insuring their crops. According to the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, the road map will help ensure food security across the country with farmers insuring their crops and obtaining financial support in the event of occurrence of any… Continue reading Nigeria’s Federal Government Inaugurates Insurance Roadmap for Farmers.
Nigeria’s National Insurance Commission (NAICOM) has said that it will pay more attention to suitable premium rates for products in the insurance industry by 2018. The Commissioner for Insurance, Mohammed Kari, who disclosed this during the 2017 Annual Seminar for Insurance Journalists organised by the Commission in Kaduna, Kaduna State, said the decision became necessary… Continue reading NAICOM to beam searchlight on premium rating in 2018
The Emir of Kano, Malam Muhammad Sanusi II, on Monday in Kano, launched the first Islamic insurance Company in Nigeria, tagged ‘Jaiz Takaful Insurance’. The Emir said at the event that the introduction of the system in Nigeria was a welcome development, especially as it would contribute towards boosting the country’s economy. According to him,… Continue reading Emir Sanusi launches Nigeria’s first Islamic insurance Company.
Insurance companies in the country who fail to pay genuine claims, risk losing a substantial part of their cumulative N30 billion statutory deposits, while managing directors of the underwriting firms will also face removal, this was revealed by reliable inside sources. Findings revealed that the 58 registered insurance companies in the country have cumulative statutory… Continue reading Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit
INSURED victims of floods that ravaged some parts of Lagos State recently are already filing their claims, even as insurance companies paid N168.44 million claims on flood mishaps in 2015. Chairman of Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, said that the insured victims have started turning in their claims to the insurance companies… Continue reading 2017 Flood victims file claims as insurers pay over N168m for 2015 floods.