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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has extended the insurance industry recapitalisation deadline to December 31, 2020.
NAICOM disclosed today in a circular signed by its Director, Policy and Regulation Directorate, Pius Agboola, entitled; Minimum Paid Up share Capital Policy for Insurance and Reinsurance Companies in Nigeria; dated December 30, 2019 and sent to all insurance and reinsurance companies.
The insurance sector regulator noted that it has reviewed the recapitalisation plans submitted by operators and various levels of compliance observed, and noted the inputs from the various engagements with relevant stakeholders, therefore, extends the recapitalisation deadline to December 31, 2020.
NAICOM posited that the Central Bank of Nigeria (CBN) has obliged it with the recapitalisation escrow accounts (T24) for the deposit of fresh funds raised for the recapitalisation with details: T24 Account Name: Recapitalisation Escrow – NAICOM and T24 Account No. 0230164061014.
It maintained that as parts of the measures to ease the recapitalisation, some of the relevant agencies have set up help desk to fast track processing of applications for ‘No Objection’ and for approvals, stressing that engagements with these agencies on other palliatives are on going.
