NAICOM suspends Spring Life Assurance Licence
The National
Insurance Commission (NAICOM), on Sunday, said it has suspended the
operational licence of Spring Life Assurance Plc with effect from
October 19.
Lucky Fiakpa, the
assistant director, corporate affairs, stated this in a statement made
available to the News Agency of Nigeria (NAN) in Lagos.
He said that NAICOM
was acting in accordance with section 9 of the Insurance Act 2003, and
that this became necessary following the inability of the company to
maintain the statutory minimum capital of N2 billion.
According to him, N2 billion is required as minimum capital for underwriting life insurance business in the country.
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