Insurance firms are racing to meet the June 30, 2020 deadline
for Insurance companies to recapitalise.
The National Insurance Commission (NAICOM) has granted no
objection to 44 insurance companies to proceed with their
recapitalisation plan.
The Acting Commissioner Olorundare Thomas made this known during
an interactive session with shareholders in Lagos.
Thomas represented by the Director, Policy and Regulation
Directorate, Mr. Pius Agboola, revealed that two companies have
concluded plans to merge.
He disclosed that 10 insurance firms are yet to get the no
objection approval to continue with their Recapitslisation
Plans.
Out of the 10 companies yet to have a plan approved by the
commission, two have not submitted, another two have their plans
under review while 6 were turned back by the regulator to rework
their plan.
NAICOM had in a circular issued on Monday May 20, 2019 announced
increase in the paid-up share capital of life companies from N2
billion to N8 billion; General Business from N3 billion to N10
billion; Composite Business from N5 billion to N18 billion; and
Reinsurance Companies from N10 billion to N20 billion.
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