The National Insurance Commission on Friday disclosed that it had issued operational licences to seven new insurance companies.
The commission said this was in line with the market conduct and business practice guidelines.
FBS Reinsurance Limited got a reinsurance licence, increasing the number of reinsurance operators in the country to three.
Heirs Insurance Limited (General) got a non-life operating licence.
Heirs Life Assurance Limited; Stanbic IBTC Insurance Limited (life); Enterprise Life Assurance Co got life operating licences.
Salam Takaful and Cornerstone Takaful Insurance Co Limited got takaful operating licences.
Earlier in a publication by NAICOM announcing the applications of the operators, the commission disclosed that Heirs Insurance Limited was incorporated in February 2015 with Mr Olaniyi Onifade as the managing director; while Heirs Life Assurance Limited was incorporated in February 2019 with Abah Okoriko as managing director.
It said Stanbic IBTC Insurance Limited was incorporated in May 2012, with Mr Akinjide Orimolade as managing director; while Enterprise Life Assurance Company (Nig.) Limited was incorporated in October 2019 with Mrs Fumilayo Omo as managing director.
A former Commissioner for Insurance, Mr Fola Daniel, was disclosed as the managing director for FSB Reinsurance, with a former Chairman, Niger Insurance Plc, Bala Zakariya’u also on the board.