44 insurance firms get no objection on recapitalisation plan

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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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