Tag
PIUS AGBOOLA
Six insurance companies have notified NAICOM of their plans to merge as part of their efforts in meeting up with the regulator’s recapitalisation requirements.
In order to meet the new regulatory requirement set by NAICOM, six insurance companies have made known their plans to merge.
NAICOM disclosed yesterday that no single insurance company in the country has technically met the financial requirement it set forth.
@MyChiPlc has disclosed its plan to raise its capital base from the N6.1 billion to N10 billion ahead of the deadline given by the National Insurance Commission (NAICOM) for insurance firms to recapitalise.
The Director, Policy & Regulation, Directorate of the National Insurance Commission (NAICOM), Pius Agboola, has hinted that Insurance Companies would no longer be allowed to borrow for recapitalization.