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Nigerian Insurance Companies Get Recapitalisation Deadline - Investment - Nairaland

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Chinmark Crashes After Failing To Meet 19th March 2022 Deadline Payment / AIICO, Sunu Assurances Nigeria And 2 Others Seek N20b Recapitalisation / FG Suspends Recapitalisation Of Insurance Sector (2) (3) (4)

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Nigerian Insurance Companies Get Recapitalisation Deadline by TITOPE(m): 7:44am On Dec 31, 2019
The National Insurance Commission (NAICOM) has extended the recapitalisation deadline for Insurance and Reinsurance Companies earlier slated for June 30, 2020 to December 31, 2020.

A circular with No: NAICOM/
DPR/CIR/25-03/2019 /DECEMBER 30, 2019 signed by Mr Pius Agboola, Director, Policy and Regulation, NAICOM for the Acting Commisioner for Insurance, Mr Sunday Thomas, conveyed the new directive to all insurance and reinsurance companies.

It reads: “This circular is in furtherance to our earlier circulars referencedNAICOM/DPR/CIR/25/2019 dated May 20, 2019 and NAICOM/DPR/CIR/25-01/2019 dated July 23, 2019 on the above
subject matter.

“The Commission has reviewed the recapitalisation plans submitted by operators and various levels of compliance observed.

“Similarly, it has noted the inputs from the various engagements with relevant stakeholders.

“The Commission, hereby, extends the recapitalisation deadline to Dec. 31, 2020”.

Agboola explained that the Central Bank of Nigeria (CBN) has obliged the Commission with the Recapitalisation Escrow Account (T24) for the deposit of fresh funds raised for recapitalisation.

“Engagements with these Agencies on other palliatives are ongoing,” Agboola stated.

The directive was with the exception of Takaful operators and Micro-insurance companies doing business in Nigeria.

The circular added that existing minimum paid–up capital share of Life Insurance business was reviewed and raised from N2 billion to N8 billion.

General Insurance business was raised from N3 billion to N10 billion, Composite business was raised from N5 billion to N18 billion and Reinsurance business was raised from N10billion to 20 billion .
https://dailypost.ng/2019/12/31/nigerian-insurance-companies-get-recapitalisation-deadline/amp/

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by NotBeenPaid: 7:58am On Dec 31, 2019

4 Likes

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by pascalbenz: 7:59am On Dec 31, 2019
cry kiss kiss so I ended up 2nd to coment be cause of dis guy

5 Likes

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by 01Decent(m): 7:59am On Dec 31, 2019
TITOPE:

https://dailypost.ng/2019/12/31/nigerian-insurance-companies-get-recapitalisation-deadline/amp/

Nice update

1 Like 1 Share

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by useurkidney3121: 8:00am On Dec 31, 2019
This is cool, if u know u know

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Chidex50(m): 8:00am On Dec 31, 2019
It might be good anyways
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by naijaboy756: 8:01am On Dec 31, 2019
I hope cornerstone is ready

1 Like

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by hisexcellency34: 8:01am On Dec 31, 2019
J
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by MarianaTrench: 8:02am On Dec 31, 2019
Some of the insurance companies that are not so commercially viable should merge
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Sunnymatey(m): 8:03am On Dec 31, 2019
Insurance business is not working in nigeria.

4 Likes

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Roon9(m): 8:03am On Dec 31, 2019
Nice
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by NotMyType: 8:04am On Dec 31, 2019
How vibrant is the insurance sector in Nigeria

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Cryomancer: 8:04am On Dec 31, 2019
This extension doesn't really make sense if you ask me. I think the quick recapitalization will help boost the strength and stability of the industry, thereby making people have more confidence in insurance in general which is what the industry needs currently..

This extension isn't wise atall..

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Tumbulum: 8:04am On Dec 31, 2019
Insurance companies are the worst places to work in this country of the dsmned
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by nymphomaniac(m): 8:04am On Dec 31, 2019
Cac2a about to be filed by lawyers. Mergers about to happen
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by pocohantas(f): 8:05am On Dec 31, 2019
Nigerians do not buy insurance. We cover our cars, houses, life, future, shops, warehouses...etc, with the blood of Jesus.

25 Likes 1 Share

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Cryomancer: 8:06am On Dec 31, 2019
NotMyType:
How vibrant is the insurance sector in Nigeria
Very vibrant and stable Sir, that's why we have foreign investors trooping into the sector... We just need more of government intervention and regulation.

You won't really know, if you're not into the sector

5 Likes 2 Shares

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by israelmao(m): 8:09am On Dec 31, 2019
I'm sure some insurance companies will have to merge or shut down because of this recapitalization.

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Cryomancer: 8:09am On Dec 31, 2019
Tumbulum:
Insurance companies are the worst places to work in this country of the dsmned
Be sure of what you're saying Sir. Nigerian insurance sector employ more of field agents (marketers) than technical experts, thereby giving the industry a bad image to the public

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Kapeter(m): 8:12am On Dec 31, 2019
The f**k is with Naicom? This thing is becoming too much.

It's a wonderful initiative sha, i understand Insurance company needs to be financialy buoyant as that's the reason they are mostly fraudulent in their dealings when it comes to settlement or reinstatement as the case may be.

I studied Insurance by mistake but Nigeria doesn't make the profession attractive at all. If only i had japa to U.K that year, i for don become billionaire now. But Yorubaland anyday, anytime.

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by visijo(m): 8:14am On Dec 31, 2019
Today is 2019
Tomorrow will be 2020
Does it mean Thursday is 2021?��
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Lanre4uonly(m): 8:15am On Dec 31, 2019
Good development.
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Kapeter(m): 8:15am On Dec 31, 2019
israelmao:
I'm sure some insurance companies will have to merge or shut down because this recapitalization.
sur, that's the main objective of the recapitalization. Many insurance company in Nigeria are fraudulent in their dealings, they always try to run away from their duty because they are not all that financialy buoyant.

Just like Obasanjo did bank then, it's good how they doing the Insurance sector too. I think this the secont time sha, last i known was 2009 or 10 or so, can't say precisely.

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Kapeter(m): 8:17am On Dec 31, 2019
pocohantas:
Nigerians do not buy insurance. We cover our cars, houses, life, future, shops, warehouses...etc, with the blood of Jesus.
i tell you. Pastors taking insurance company money by selling oil, water and handkerchief as insurance cover to their congregations.

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Jabioro: 8:18am On Dec 31, 2019
Insurance in Nigeria are technical thief..they like shifted ground,pole and begin to argue with you when eventuality arises....

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Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Nobody: 8:19am On Dec 31, 2019
As an Actuary and Insurer.. i would say Nigeria Like over doing things... The recapitalisation in this corrupt country is bad for the Insurance company because government with siphon those funds.. but on the other hand it is very nice for the insured.. cos Insurance companies just wanna collect but lack the capability of given back.. So the Insured's are safely covered if this happens.. and Insurance can work in Nigeria if only you guys can have the mindset.. Insurance is what keeps an economy up and running... Insurance comes in various varieties.. the most important of all is Health Insurance.. It covers all your Health expenditure.. even surgery.. The most common is NHIS. Now the question is are you insured.. don't you think you need at least an health insurance.. it is not a must it must be on cars and houses..

1 Like

Re: Nigerian Insurance Companies Get Recapitalisation Deadline by DuBLINGreenb(m): 8:19am On Dec 31, 2019
OK, but insurance companies aren't used in Naija
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by Marcsunny(m): 8:23am On Dec 31, 2019
My people Order for Pant trousers and shirt check profile to dm 2k above
Re: Nigerian Insurance Companies Get Recapitalisation Deadline by naijazee2: 8:26am On Dec 31, 2019
Alright but Nigerians are not into insurance so I think shocked shocked cool

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