NAICOM had on Monday, in a circular with reference No: NAICOM/DPR/CIR/25-03/2019 /DECEMBER 30,2019 signed by Director, Policy and Regulation, Pius Agboola, announced the extension of the deadline. Okezie urged NAICOM to improve on its policy for the sector, for the insurance companies to take their rightful position in the capital market, which would in turn make the re-capitalisation seamless. Okezie however stated that based on the new development, there is a future for most of the insurance companies to still be in the control of the local investors, instead of the foreigners. The directive was with the exception of Takaful operators and Micro-insurance companies doing business in Nigeria. Following the reviewed minimum capital requirement, the existing minimum paid-up capital share of Life Insurance business was reviewed and raised from N2 billion to N8 billion.

Source: The Guardian January 02, 2020 04:30 UTC