FG takes over 7 insurance firms

Oladele Ayeleso, Lagos - 29.01.2008

Seven insurance companies were on Monday taken over by the National Insurance Commission (NAICOM) over alleged failure to meet up with the last recapitalisation exercise in the insurance sub-sector of the economy.

NAICOM disclosed that it had appointed managers to take over the affected companies immediately. According to a release by the management of the commission, Metropolitan General Insurance Company limited, Sun Insurance Nigeria Limited, Mutual Assurance Limited were among the insurance companies taken over by the government.

Others, it said, included Presidential Insurance Plc., Trustworld Insurance Company Limited, Lion of Africa Insurance Company Limited and Energy and Special Risks Insurance Company Limited. “By this take over, the companies have seized to exist as registered insurance companies.

“The commission is taking every necessary step to ensure that stakeholders in these companies are protected in accordance with the provisions of both the 2003 Insurance Act and the 1997 National Insurance Commission Act,” the release stated.