NAICOM CHANGES DEADLINE FOR RECAPITALISATION OF INSURANCE FIRMS

The National Insurance Commission (NAICOM) has extended the recapitalisation deadline for Insurance and Reinsurance Companies earlier slated for June 30, 2020 to December 31, 2020. A circular with No: NAICOM/ DPR/CIR/25-03/2019 /DECEMBER 30, 2019 signed by Mr Pius Agboola, Director, Policy and Regulation, NAICOM for the Acting Commisioner for Insurance, Mr Sunday Thomas, conveyed the new directive to all insurance and reinsurance companies. It reads: “This circular is in furtherance to our earlier circulars referencedNAICOM/DPR/CIR/25/2019 dated May 20, 2019 and NAICOM/DPR/CIR/25-01/2019 dated July 23, 2019 on the above subject matter.…

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