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Home Business News

44 firms get NAICOM’s nod on recapitalisation

Joseph Olaoluwa by Joseph Olaoluwa
October 29, 2019
in Business News
NAICOM, Recapitalisation: 44 firms get NAICOM’s nod , NAICOM boss makes case for recapitalisation, insists the exercise will solidify insurance sector , NAICOM extends recapitalisation deadline for insurance companies to meet new capital base, Due to lack of ‘process’, NAICOM says no insurance firm has met recapitalisation requirement, Insurance: Recapitalisation exercise sets consolidation in motion, Insurance firms are reportedly selling off assets to meet NAICOM’s recapitalisation deadline, Insurance: NAICOM mulls extension of recapitalization exercise
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The number of insurance firms that have secured no objection from the National Insurance Commission (NAICOM) to go ahead with their recapitalisation plan is presently 44.

The Details: Recall that one month ago, Nairametrics reported that the number stood at 26. The new development was disclosed by the acting Commissioner, Olorundare Thomas, who was represented by the Director, Policy and Regulation Directorate, Mr Pius Agboola at an event that held in Lagos.

[READ MORE: NAICOM wants to integrate all insurance transactions into an online portal, here’s why]

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During the event, it was disclosed that two insurance firms had decided to merge in order to meet up with NAICOM’s recapitalisation roadmap.

Further Details: Nairametrics also gathered that ten firms were still awaiting NAICOM’s approval to commence recapitalisation. In that pool of ten, two insurance firms failed to submit their plans to the regulating body; the plans of two firms were under review while the remaining 6 had their proposals turned down.

Backstory: Early this year, NAICOM proposed an increment of the capital base for insurance firms.

  • Life insurance underwriting firms were mandated to shore up their capital base from N2 billion to N8 billion.
  • Insurance firms underwriting general business were mandated to shore up their capital from N3 billion to N10 billion.
  • Composite insurance firms were asked to raise their capital from N5 billion to N18 billion.
  • Reinsurance firms moved their current minimum capital of N10 billion to N20 billion.

The firms were told to submit their recapitalisation plan to the Commission on or before 20th August 2019.

[READ ALSO: Niger Insurance gross premium declines by 48%]  

NAICOM was expected to review the plans and provide responses on the submitted recapitalisation plans on or before September 17, 2019. NAICOM noted that several insurance companies met the deadline for submission of recapitalisation plans.

Mr Pius Apere, the Managing Director/Chief Executive Officer, Anchor Actuarial Services Limited, urged NAICOM to convert any insurance company that failed to meet up with the terms of recapitalisation to a micro insurer.

He said converting failed insurance firms into micro insurers would help widen the scope of the insurance sector instead of a massive recapitalisation that might cause several struggling firms to die off.


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Tags: National Insurance CommissionOlorundare Thomasrecapitalisation roadmap
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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