September 20, 2020
  • September 20, 2020
  • Home
  • Business
  • Stanbic IBTC seeks regulatory approval to own insurance firm

Stanbic IBTC seeks regulatory approval to own insurance firm

By on July 24, 2020 4 284 Views

The local unit of South Africa’s Standard Bank, Stanbic IBTC on Friday said it was seeking regulatory approvals for the establishment of a wholly-owned Life Insurance subsidiary.
The lender in a regulatory filing with the Nigerian Stock Exchange (NSE) said the new subsidiary is to be known and referred to as Stanbic IBTC Insurance Limited.
Stanbic IBTC said the commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission (NICOM).
“Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary,” the lender said in the filing.
The industry regulator, NICOM had last year stipulated a new capital base for insurance companies in a bid to strengthening the financial capability of players in the sector and enhance competitiveness.
The industry regulator has stipulated the increase in Life Insurance firm to N8 billion from the present N2 billion, General Insurance firm to raise an additional N7 billion to meet the N10 billion new capital base.
Also, the composite firms will need an additional N13 billion to meet the N18 billion new capital while reinsurance companies are expected to raise their capital to N20 billion from the present N10 billion.
Stanbic IBTC, which is proposing to established life insurance firm, will have to comply with the new capital base of N8 billion for that class of insurance as stipulated by the industry regulator.

  • Melinda 2 months ago

    I like what you guys are up too. This kind of clever
    work and exposure! Keep up the superb works guys I’ve added you guys to my blogroll.

    I couldn’t refrain from commenting. Perfectly written! It’s the best time to make some plans for the future and it is time
    to be happy. I have read this post and if I could I wish to suggest you some interesting things or advice.
    Maybe you could write next articles referring to this article.
    I desire to read more things about it!

    Here is my web-site :: John

  • Tracy 1 month ago

    You can definitely see your expertise within the work you write.
    The sector hopes for more passionate writers like you who are not
    afraid to mention how they believe. At all times
    go after your heart.

    Also visit my web site canada drugs

  • Omer 3 weeks ago

    Nice post. I was checking constantly this blog and I am impressed!
    Extremely useful info specifically the last part 🙂 I care for such information much.

    I was looking for this certain information for a long time.
    Thank you and good luck.

    Feel free to surf to my blog … alexander scherer krefeld

  • Terra 1 week ago

    It’s amazing to pay a visit this website and reading the views of all friends on the
    topic of this piece of writing, while I am also keen of
    getting knowledge.

    My web site:: Depression Ebook

Leave a comment

Your email address will not be published. Required fields are marked *

Sign For NewslettersFor News Updates Around The Globe!