Wednesday, October 18,
2018 07:10 PM / NAICOM
This circular was issued today by the National Insurance Commission (NAICOM) formally confirming compliance with the court order suspending the recapitalisation deadline compliance.
“In compliance with the extant rules and the injunction issued by the Federal High Court regarding the Tier Based Minimum Solvency Capital framework which was to take effect from October 1, 2018, the Commission wishes to clarify that the status quo will be maintained and insurers are to continue to operate on the subsisting regulatory framework prior to the Circular.
Appropriate regulatory directive would be advised upon conclusion of the suit.”