The National Insurance Commission (NAICOM) has cancelled the Tier Based Minimum Solvency Capital (TBMSC) policy it evolved to reposition insurance industry on Aug. 27.
The TBMSC required all insurance companies to recapitalise and communicate to NAICOM the tier, from 1 to 3, they intended to play in, before Oct. 1.
The Director, Policy and Regulation, NAICOM, Mr Pius Agboola, released the circular that nullified the take-off of the TBMSC.
“The circular number NAICOM/DPR/CIR/18/2018, titled “Withdrawal of Circular on Tier Based Solvency Capital Policy for Insurance Companies in Nigeria”, released on Nov. 23 ended the TBMSC policy.
The Commission said “Pursuant to the powers conferred by the enabling laws, the Commission hereby withdraws and cancels the Circular dated August 27, with reference number NAICOM/DAPCIR/14/2018 and titled Tier Based Solvency Capital Policy for Insurance Companies in Nigeria.
“The withdrawal and cancellation takes immediate effect.”