The National Insurance Commission (NAICOM) has announced that it has started the registration process for the Nigeria Police Force (NPF) Insurance Company Limited. This follows an application submitted by the company, which was first publicized in 2022.
Also read Nigerian National Bureau Enhances Regional Cooperation with ECOWAS Brown Card Insurance Scheme
NAICOM, in a public notice, stated that it is fulfilling the statutory requirements for registering insurance companies. The commission has invited the public to submit any objections or comments regarding the registration within 21 days of the publication date.
The NPF Insurance Company Limited was incorporated on December 24, 2020, with its office located at the Insurance Building behind Louis Edet House, Force Headquarters, Area 11, Garki, Abuja.
The company’s leadership includes Managing Director/CEO Oke Temitayo, and directors Adenaike Olufemi Adebowale AIG (Rtd), Oke Temitayo, Ekechukwu Mic, CP Sulaiman Muhammad, CSP Ameh Lydia, CSP Adedeji Adewole Jelius, Amore Olusola Emmanuel CP (Rtd), Rev Paul Odili Joshua, Balogun Olayinka Abayomi, Akinwunmi Tunde Olufemi, and Musa Ba’aba Ibrahim.
Also read Insurance Reform Bill Proposes Stiff Penalties for Unlicensed Operations
The company is set to provide insurance services to Nigeria Police officers and their families, with a required capital of N10 billion, in line with NAICOM’s capital requirements for various types of insurance business: N8 billion for life insurance, N10 billion for general insurance, N18 billion for composite insurance, and N20 billion for reinsurance.
The initiative to establish the NPF Insurance Company was first hinted at by former Inspector General of Police, Usman Alkali Baba, in 2022. During a workshop for Police Insurance Desk Officers, he highlighted the company’s potential to streamline insurance policies and benefits for police officers, reducing bureaucracy and enhancing welfare.
Baba expressed confidence that the company’s operational license, once granted, would improve the efficiency of the Force Insurance Section and ensure timely resolution of claims and benefits.
He called on the former Commissioner for Insurance, Sunday Thomas, to expedite the incorporation process, ensuring the company’s swift operational start.
The IGP assured police personnel of better days ahead, with improved management of claims and welfare schemes for both serving members and the next-of-kin of injured or deceased officers.
