Mrs Nwachukwu promised reforms aimed at strengthening public confidence and expanding insurance penetration nationwide.
She stated that insurance penetration in other countries, including South Africa and Kenya, was far higher than in Nigeria.
The National Insurance Commission has partnered with the Abia government to safeguard economic activities, mitigate risks, and enhance investors’ confidence.
The fourth quarter of 2025 saw impressive growth in the Nigerian insurance sector, with gross premiums reaching N2.301 billion.
“If the retiree dies after 10 years, the pension will automatically stop, notwithstanding the policy,” said the SANLAM manager.
The diversified financial services group said the appointments followed regulatory approvals from the Securities and Exchange Commission and the National Insurance Commission.
The inauguration ceremony, held in Abuja, was jointly presided over by the corps marshal of FRSC, Shehu Mohammed, and the executive commissioner for insurance, Olusegun Omosehin.
The statement said the nominations arose from the exit of previous institutional representatives from the governing council.
The commission said that any third-party motor insurance policy issued by NCIS or its affiliate was illegal.
The committee issued a 48-hour ultimatum to the agencies to appear or risk withdrawal of funding for 2025 operations.
