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 by the Commission signed by Mr Pius Agboola, Director, Policy and Regulation, conveyed the new directive to all insurance and reinsurance companies.
Agboola said the decision for the extension of the deadline followed a review of the recapitalisation plans submitted by the operators and various levels of the compliance observed.
“The Commision has reviewed the recapitalisation plans submitted by operators and various levels of compliance observed.
“Similarly, it has noted the inputs from the various engagements with relevant stakeholders.
” The Commission therefore hereby extends the recapitalisation deadline to Dec. 31, 2020, ” he said.