NAICOM vows to liquidate more distressed insurance companies

1st August 2022 Commissioner for Insurance, National Insurance Commission, Sunday Thomas 1st August 2022 The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said more distressed insurance companies may be liquidated.Recently, two insurance companies’ licences has been withdrawn, Niger Insurance and Standard Alliance.Recalled that a circular to all insurance companies on June 3, 2020, titled, ‘Segmentation of minimum paid-up share capital requirements for insurance companies in Nigeria’, NAICOM mandated underwriters to recapitalise.Life insurance companies were ordered to raise their capital from N2bn to N4bn at the end of the first phase, and N8bn at the end of the second phase.

General insurance companies were ordered to increase their capital from N3bn at the end of the first phase, and N5bn at the end of the second phase.Composite underwriters were ordered to raise their capital from N5bn to N9bn at the end of the first phase, and to N18bn at the end of the second phase.