Nigeria’s insurance watchdog clears recapitalisation plans of 26 cos
In May 2019, Nigeria obliged all insurance and reinsurance companies to submit recapitalisation plans after raising the minimum paid-up capital by 400%. Now that the August 20, 2019 deadline has passed, 47 out of the 57 insurers operating in the country and both active reinsurers had submitted the recapitalisation plans. The Nigerian insurance supervisor NAICOM has okayed 26 of the submitted plans from insurers.
Those from the two reinsurers are still under review. The insurance watchdog has reached out to the remaining insurance companies with various plans on how to proceed going forward. The recapitalisation deadline for all insurance companies in the African country is set for June 30, 2020.
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Original source: This Day