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TBMSC: Injection of fresh funds is not mandatory – Kari - The Revealer
Insurance

TBMSC: Injection of fresh funds is not mandatory – Kari

From left: Director, Admin and Human Resources, National Insurance Commission, Adamu Balanti, Director, Authorization and Policy, Leo Akah and Commissioner for Insurance, Mohammed Kari at the event. (Photo: www.inspenonline.com)

The Commissioner for Insurance, National Insurance Commission (NAICOM) has said that the Commission will not force any insurance firm to inject fresh funds under the ongoing Tier-Based Minimum Solvency Capital (TBMSC) policy.

The TBMSC is a complimentary measure to the ongoing implementation of the Risk- Based Supervision (RBS) programme by NAICOM.

He also promised that the Commission will not cancel the license of any insurance firm in the country as a result of the foregoing.

The commissioner for insurance Mohammed Kari said these at the 2018 seminar for insurance correspondents/Business Editors and Bureau Chief with the theme: “Achieving a seamless implementation of the TBMSC policy in Nigeria” which took place in Abuja at the week.

He said the injection of fresh fund is not mandatory for insurers, adding that there shall be no cancellation of license at the close of the initial date.

“The commission has no plan to stampede shareholders to inject fresh capital,” Kari said, stating that “with the new policy every operator can play very well since what is required is minimum solvency capital”.

The aim of the regulator, he said, is to checkmate the excess of insurance companies for the benefits of the policyholders, investors and the economy at large, adding that the introduction of the policy framework in the industry is not targeted at killing any insurance company but to ensure the growth of the industry.

“NAICOM intention as regulatory organ is not to kill any company but to stop them when they are getting involved in some business that is above their risk capacity,” he said.

He added that the responsibility of the commission is not to punish operators, but to nourish them, adding that the regulator is poised to ensure that insurance industry is isolated from future financial crisis

In his presentation at the event titled “Achieving Seamless Implementation of Tier-Based Minimum Capital Policy of Insurers on Reclassification and Recapitalisation of Insurance Companies.” The Director, Supervision, NAICOM, Barineka Thompson, said the TBMSC Model is a regulatory model designed for the application of proportionate solvency capital that support the nature, scale, complexity and risk profile of the business conducted by insurers.

The model is aimed at classifying business according to the present level of capital that an insurer possesses in relation to the risks that the capital can effectively be deployed to.

The benefits of the policy, he explained will enable soundness and profitability of insurers through optimal utilization of capital; encourage insurers to focus on the area of their strengths, encourage innovation and deepen market penetration, build investors’ and public confidence in the industry; to create capacity for bridging insurance gap, optimize local retention and minimize capital flight; limit significant systemic risks and build confidence in the insurance industry; supports the stability of the financial system and increase insurance contribution to the nation’s Gross Domestic Product.

He said all theses will be achieved without a mandatory injection of capital and no cancellation of licence, adding that insurers will be subject to solvency control level.

Responding to question on what the Commission is planning to do in respect of the injunction by the Lagos High Court restraining it from implementation of TBMCS, the Commissioner said NAICOM is yet to receive any order from the Federal High Court to that effect.

It should be recalled that On Thursday, September 13, Justice Muslim Hassan of the Federal High Court sitting in Lagos, had earlier gave a directive that NAICOM should put a hold on its proposed minimum solvency capital policy for insurers in the country.

Meanwhile, on August 27, 2018, NAICOM, through a circular with number NAICOM/DAPCIR/14/2018, had informed insurance firms that their operations would now be reclassified into tiers, saying that this would be based on minimum solvency capital based on their respective risks capacity.

The policy was initially slated to take effect from January 1, 2019, but the regulator later brought the date of commencement back to October 2018.

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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