The National Insurance Commission (NAICOM) has granted Microinsurance licence to Goxi Microinsurance Company. This development has positioned Goxi as a pioneer standalone microinsurer in Nigeria.
Haven being granted State Composite licence, the Microinsurance outfit will only operate in Lagos State.
Being a State Microinsurer, Goxi’s minimum capital base is pegged at N100 million, while the regulator expects the underwriter to operate only in Lagos, with at least three branches or office locations, each in a different Local Government Area of the state.
The composite Microinsurance license will allow the firm transact life and general microinsurance business within its domicile State.
A statement from NAICOM signed by its Spokesperson, Salaami Rasaaq, disclosed that this approval is one of several applications received by the commission from individuals and corporate entities requesting approval for registration as Micro Insurance firms. Stating that Goxi becomes the first full-fledged standalone Micro Insurance operator in Nigeria. The regulatory body noted that this gesture was a result of its drive to ensure insurance market development through enhanced access points for insurance services in the country.