The National Insurance Commission of Nigeria has today withdrawn the circular on Tier Based Solvency Capital Policy sent on August 27, 2018 to all insurance companies operating in Nigeria.
The release from the commission signed by its Director, policy and regulation department, Agboola Pius reads thus: “Pursuant to the powers conferred on the commission by the enabling laws, the commission hereby withdrawals and cancel the circulated August 27, 2018 with reference number NAICOM/DAPCIR/14/2018 and titled Tier Based Solvency Capital Policy for Insurance Companies in Nigeria. This withdrawal and cancellation takes immediate effect.”