The National Insurance Commission (NAICOM) has granted GOXI Microinsurance Company Limited an operating license under the State Composite Micro-insurer category, in effortsto deepen insurance penetration and acceptance in the country.
Among the requirements listed in the micro-insurance guidelines released by NAICOM last year, a State Composite Micro-insurer would have a minimum capital base is N100 million, while the general business is N60 million and Life, N40 million.
In a statement released by the commission’s Head of Corporate Communication, Salami Rasaaq, Goxi is expected to operate in Lagos State alone.
“In its drive to ensure insurance market development through enhanced access points for services in Nigeria, the National Insurance Commission has granted approval to GOXI Microinsurance Company Limited to operate as a State Composite Microinsurance Company, transacting Life and General Micro insurance Business in Lagos State, only.
“This is one of several applications received in the Commission from individuals and corporate entities requesting approval for registration as Micro insurance operators. GOXI Micro insurance Company Limited thus become the first full fledged stand alone Micro Insurance Operator in Nigeria.”