Firm Meets NAICOM Recapitalization Requirement
…as 49 others submit plans

Further to the circular issued by the National Insurance Commission(NAICOM) to recapitalize the insurers and re-insurers for optimum performance in the insurance industry, one insurance firm has met the requirements while 49 others are to resubmit their plans for action by the regulator.
Head, Commissioner for Insurance Directorate, Alhaji Salami Rasaq in a statement made available to Economic Confidential in Abuja said the development is in keeping with the recapitalization roadmap by the insurance regulator.
He said the commission has concluded review of the submissions and have communicated individual companies on their positions stating that twenty six (26) companies have been granted “No Objection ” to proceed with their plans, while the plans of 17 companies were corrected and have been advised to resubmit their new plans using paid-up capital and not shareholders fund.
The statement also said four (4) companies do not have the requisite 2018 financial statements and are thus, advised to review their plans of using IPO, while one (1) company has litigation issues and has been advised to resolve them as soon as possible to enable its progress.
In the new development, One (1) company’s submission was noted to have met the necessary requirements, the review of submissions from two (2) companies is ongoing while, three (3) companies are yet to submit their recapitalization plans.
Rasaq said the National Insurance Commission (NAICOM) is resolved to adhere to the recapitalization roadmap towards achieving its desired objectives in the best interest of all stakeholders.