The National Insurance Commission has extended and segmented the deadline issued to insurance companies to raise their minimum paid-up capital.
Consequently, NAICOM, in a circular issued Wednesday and signed by the Director, Policy and Regulation, Mr. Pius Agboola, extended and segmented the recapitalisation process into two phases. The commission warned that insurance companies that failed to satisfy the required recapitalisation thresholds by the December 31 deadline may be restricted on the scope of business they will transact.
NAICOM is just a noise maker, toothless regulatory agency. Insurance companies are failing to pay claims and entitlement without consequence.
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