The National Insurance Commission (NAICOM) has issued an operational licence to the Nigeria Police Force (NPF) Insurance Company Limited, enabling it to commence general insurance business in Nigeria.
This development follows opposition from some stakeholders in the insurance sector, who expressed concerns over granting an insurance licence to the organization. However, NAICOM confirmed that NPF Insurance successfully met all regulatory requirements for registration.
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The licence was officially presented on November 29, 2024, by the Commissioner for Insurance, Olusegun Ayo Omosehin, at NAICOM’s headquarters in Abuja. During the presentation, Omosehin congratulated NPF Insurance and expressed confidence in the company’s potential to contribute meaningfully to the growth and development of Nigeria’s insurance industry.
Announcing the development on its official X (formerly Twitter) account, NAICOM stated:
“NAICOM today, November 29, 2024, presented an operational license to NPF Insurance Co. Ltd to commence general insurance operations in Nigeria, having successfully fulfilled all registration requirements.”
