Matthew Otoijagha
The National Insurance Commission (NAICOM) has given its approval for 26 insurance companies to proceed with their recapitalization plan. This is contained in a circular issued by the body and signed by Mr. Rasaaq Salami, its Head, Commissioner for Insurance Directorate.
It would be recalled that the insurance industry regulatory body had, in May this year, given insurance companies till June 30, 2020 to shore up their capital base as follows; life insurance companies from N2 billion to N8 billion, non-life insurance firms from N3 billion to N10 billion, composite insurance firms from N5 billion to N18 billion and re-insurance companies from N10 billion to N20 billion.
Salami states that, “Further to the circular issued by NAICOM on May 20, 2019 increasing the paid up share capital of insurers and reinsurers in Nigeria and, the subsequent directives to companies to submit their recapitalization plans by August 20, 2019 the Commission hereby notifies all insurance stakeholders that it received plans of Forty-Seven (47) insurers and two (2) reinsurers.”