And NAICOM says no

Acting Commissioner for Insurance, Sunday Thomas

It is amazing, as some people still say we do not know why NAICOM should restrict our investments in property.
To the extent that the industry mobilized FMDQ to appeal to us to loosen the provision of the law. It must not be done that way, because the fund belongs to people. We have companies that have put so much in properties, but we all know the state of the property market presently. We should ask ourselves how easily can we realize funds from these properties.

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