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NAICOM receives recapitalisation plans of 47 insurers, 2 reinsurers


The National Insurance Commission (NAICOM) has received the recapitalization plans of 47 insurers and two reinsurers.

This is coming following the circular issued by the commission directing companies to submit their recapitalisation plans by August 20, 2019.

This was disclosed by the Head, Commissioner for Insurance’ Directorate, Rasaaq Salami, in a statement.

In the statement, Salami explained that the commission, in keeping with the recapitalisation roadmap, has concluded review of the submissions of recapitalisation plans of insurers and reinsurers and have communicated individual companies on their positions.

According to him, “Twenty six (26) companies have been granted “No Objection” to proceed with their plans, and the plans of 17 companies were corrected and have been advised to resubmit their new plans using paid-up capital and not shareholders fund.”

He further explained that four companies do not have the requisite 2018 financial statements and are thus, advised to review their plans of using Initial Public Offering (IPO) and one company has litigation issues and has been advised to resolve them as soon as possible to enable its progress.

“One company’s submission was noted to have met the necessary requirements; the review of submissions from two companies is ongoing while three companies are yet to submit their recapitalization plans,” he added.

He therefore reassured all stakeholders that the Commission is resolved to adhere to the recapitalization roadmap towards achieving its desired objectives in their best interest.

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