Business
Microinsurance Can Now Operate As Conventional Coys -NAICOM

The National Insurance Commission (NAICOM) has announced its decision to permit microinsurance window operations for conventional insurance companies in Nigeria with effect from December 1.
NAICOM’s decision is contained in a circular to all insurance institutions in Nigeria, with number NAICOM/DPR/CIR/32/2020 dated Nov. 30, 2020 and signed by Director, Policy and Regulation, Mr Leo Aka, on behalf of the Commissioner.
The commission said that the move was part of the ongoing pursuit to support financial inclusion and increase insurance penetration in the country.
NAICOM said that a conventional insurance company must meet some requirements before being granted a window operation.
“The insurer shall seek and obtain approval of the commission to transact microinsurance business, and its board must approve the establishment of a microinsurance department.
“Applicants shall apply for Window Microinsurance National Operation License and the department shall be headed by an experienced insurance officer not below the rank of an AGM.
“The officer must possess a minimum of seven years post-Associate of Chartered Insurance Institute of Nigeria qualification or a minimum of 10 years working experience in a technical department of an insurance institution, “ it said.
According to NAICOM, any window operator shall segregate the financial records of its microinsurance business from that of the conventional business and put in place appropriate reinsurance arrangement.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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