Shareholders in the insurance industry has commended Nigeria’s National Insurance Commission (NAICOM) over the cancellation of the Tier Based Solvency Capital recapitalisation.
The shareholders under the aegis of the Independent Shareholders Association of Nigeria (ISAN) said the cancellation of the recapitalisation bid by NAICOM was a welcome development and a sign of respect for the rule of law.
The ISAN Publicity Secretary, Mr Moses Igbrude, said that it was a welcome development that the regulator toed the path of law.
The commission gave this notice in a circular to all insurance companies on Withdrawal of circular on Tier Based Solvency Capital policy for insurance companies in Nigeria, signed by the Director, NAICOM, Mr Agboola Pius, on Friday.
It would be recalled that NAICOM had on November 23 announced the cancellation of the Tier Based Solvency Capital policy for the underwriting sector with immediate effect.
It also announced a raise in the minimum capital base for life, non-life and composite insurance companies seeking licences to underwrite all risks in Nigeria.
Source: Voice of Nigeria