NAICOM – Insurers to Submit Recapitalization Plans By August 20, 2019

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 Wednesday, July 24, 2019   /    12:25PM    /    By NAICOM   /   Header Image Credit:  Nepean Brokers

 

CIRCULAR NO: NAICOM/DPR/CIR/25 - 02/2019

RE: MINIMUM PAID UP SHARE CAPITAL POLICY FOR INSURANCE AND REINSURANCE COMPANIES IN NIGERIA i.e  Nigeria: New Minimum Paid-Up Share Capital Policy For Insurance And Reinsurance Firms 

 

This Circular is in furtherance to our Circular referenced NAICOM/DPR/CIR/25/2019 dated May 20, 2019 on the above subject

 

1.0Submission of Recapitalization Plan

 

1.1. Insurers and Reinsurers shall submit their recapitalization plan to the Commission on or before 20th August, 2019. The plan should include among others:

a)  Capital status of the Company based on the above referenced Circular as at the last Audited Financial Statements

b)   Board Resolution on how the funds for the recapitalization are to be sourced with timelines and deliverables.

c)      Companies intending to seek funds from the Capital Markets are required to submit their plan of action on a file-and-use basis.

d)    Companies that intend to merge or acquire another should submit their proposal after which they must comply with Section 30 and 31 of the Insurance Act 2003.

 

1.2.The Commission shall review and provide responses on the submitted Recapitalization Plans on or before 17th September 2019. The review may require meeting with the Board and Management of each of the Insurance Company on its recapitalization plan.

 

1.3.The Commission is engaging with other regulatory bodies for possible palliatives in addition to those being considered by the Commission

 

 

Pius AGBOOLA

Director, Policy & Regulation Directorate, National Insurance Commission of Nigeria.

 

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