49 firms submit recap plans to NAICOM

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

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

Head, Commissioner for Insurance’ Directorate, Rasaaq Salami, explained that the Commission, in keeping with the recapitalisation road map, has concluded review of the submissions of plans of insurers and reinsurers and have communicated individual companies on their positions.

He said: “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 recapitalisation plans,” he added.

He therefore reassured all stakeholders of the Commission’s resolve to adhere to the recapitalisation roadmap towards achieving its desired objectives in their best interest.

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