Insurance

Why Tier-Based regime ll begin by October 1 – NAICOM

The National Insurance Commission (NAICOM) says it has resolved to commenced implementation of the Tier-Based Marginal Solvency Capital (TBMSC) regime by October 1, 2018, to enable underwriters seal reinsurance treaties in line with the new policy.

Inspenonline reliably gathered that the new date was picked because most underwriting firms will by October begin to seek or renew their reinsurance treaties.

It was also learnt that the step was taken to forestal firms from entering new treaties with their present positions which will be changed by the expected regime.

Whilst the public expects the wine from NAICOM,which will change insurance practice in the country, firms like Leadway; NSIA Insurance; FBN Insurance Group; AIICO and others are eyeing playing at to forefront which is tier 1

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