Hello Everyone,
I have been following this topic for a while. I am owed by an Insurance Company on a policy that elapsed since September 2017.
The recapitalization exercise has been used as excuse for delay/non payment for my Dividend-plus plan that ended since 2017. I have done all required for payment.
Complaints to NAICOM through their website has never been attended to, I do not know why even though they advise you make complaints to them where required. Please who knows when this recapitalization thing will end? December 2021? Will this bring me hope for payment?
From the circulars:
1 The Commission hereby extend and segment the recapitalization process into two phases as
follows:
a. 50% of the Minimum Paid-Up Capital for Insurance and 60% for Reinsurance shall be met
by 31st December, 2020;
b. Insurance Companies are required to fully comply with the approved Minimum Paid-Up
Capital not later than 30th September, 2021;
2. Insurance Companies that failed to satisfy the required minimum paid-up capital by the end of
31st December, 2020 may be restricted on the scope of businesses they will transact.
3. Insurance Companies must fully comply with the required minimum paid-up capital at the end
of the Recapitalization Exercise on 30th September, 2021.

Please share your experience with these Nigerian Insurance companies especially about non payments or full satisfaction, this might help people like me to know what to do going forward.