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Recapitalisation: Three Insurance Firms Yet to Summit Plans - The Revealer
Insurance

Recapitalisation: Three Insurance Firms Yet to Summit Plans

The National Insurance Commission (NAICOM) said three insurance companies are yet to Summit their recapitalisation plans .

The deadline given for insurance and reinsurance companies to submit their recapitalisation plans to NAICOM expired August 20, 2019.

This was contained  in a  statement today, signed by  Head, Commissioner for Insurance’  Directorate, Mr. Rasaaq Salami, titled “”Update on Recapitalization of Insurers and Reinsurers.”

However, the statement did not give names of the affected insurers and the effects of their actions.

According to the statement, “Further to the circular issued by NAICOM on May 20, 2019 increasing the paid up share capital of Insurers and reinsurers in Nigeria and, the subsequent directives to companies to submit their recapitalization plans by August 20, 2019 the Commission hereby notifies all insurance stakeholders that it received plans of Forty-Seven (47) insurers and two (2) reinsurers.

“In keeping with the recapitalization roadmap, the Commission has concluded review of the submissions and have communicated individual companies on their positions as detailed below:

* twenty six (26) companies have been granted “No Objection ” to proceed with their plans;

* the plans of 17 companies were corrected and have been advised to resubmit their new plans using paid-up capital and not shareholders fund;

* four (4) companies do not have the requisite 2018 financial statements and are thus, advised to review their plans of using IPO;

* One (1) company has litigation issues and has been advised to resolve them as soon as possible to enable its progress;

* One (1) company’s submission was noted to have met the necessary requirements,

* the review of submissions from two (2) companies is ongoing while,

* three (3) companies are yet to submit their recapitalization plans.”

The statement said National Insurance Commission (NAICOM) is resolved to adhere to the recapitalization roadmap towards achieving its desired objectives in the best interest of all stakeholders.

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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