The Commission for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has urged newly licensed insurance companies to comply fully with the regulatory guidelines of the Insurance Act 2003 and other relevant rules or risk outright revocation. This is as Chairman, Heirs Insurance Limited (General), Mr. Tony Elumelu, who was handed an operating license over the weekend, promised to replicate the milestones recorded through the United Bank for Africa (UBA) in the banking sector, to stimulate and deepen insurance penetration going forward. Thomas, however, charged the chairmen, board of directors and management of the companies to further uphold corporate governance and proper risk management and commit to market development in a positive manner. Speaking at the award of operating licenses to four insurance companies and one reinsurance company to begin operations in the country, the NAICOM boss, reminded the companies that the license were only held on lease and could be revoke if there are sufficient reasons at any point to do so. The newly approved insurance firms included Heirs Insurance Limited (General), chaired by Mr. Tony Elumelu and Heirs Life Assurance Limited, which is chaired by Dr. Tajudden Yusuf and FBS Reinsurance Limited led by the former Commissioner of Insurance, Mr. Fola Daniel