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There are indications that the first phase of the recapitalisation of the insurance industry which was to end on December 31, 2020 has been suspended.
A letter from the National Insurance Commission to the Nigerian Insurers Association on Thursday which was obtained by our correspondent gave the indications.
The letter was signed by the Legal Adviser, NAICOM, Talmiz Usman, titled ‘Re: Segmentation of minimum paid up share capital of insurance companies in Nigeria: Appeal for waver of December 2020 milestone, and was addressed to the director-general of the NIA.
The NIA had earlier written a letter to NAICOM which was received and acknowledged by the commission on Tuesday.
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Insurance companies have written a letter to the National Insurance Commission to explain its stand on the first phase of the industry’s recapitalisation expected to end on December 31.
In its recapitalisation requirements, NAICOM mandated that 50 per cent of the minimum paid-up capital for insurance and 60 per cent for reinsurance must be met by 31 December 2020.
NAICOM stated that insurance companies that failed to satisfy the required minimum paid-up capital by December 31, 2020 may be restricted on the scope of business they would transact.
On December 9, the House of Representatives asked NAICOM to suspend the December 31, 2020 deadline set for operators in the insurance industry to recapitalise.