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Insurance operatorsare clamouring for the extension of the recapitalization deadline to December 31, 2020 from September 30, 2021.
They also want waived, the first phase of its segmented recapitalization for the insurance and reinsurance companies scheduled to end December 31, 2020, as directed by the regulator, the National Insurance Commission (NAICOM).
The reasons given by the operators for the extension of the deadline are proximately related to the huge impacts of the COVID-19 pandemic and #EndSARS protests on their insurance businesses.
Thus, they require enough time to fully settle back to their businesses to be able to pursue more aggressive recapitalization agenda to meet the commission’s set objectives by 31 December, 2020.
The insurance companies are as well leading with NAICOM to jettison the phase by phase segmentation of the exercise – with the first phase billed to elapse on December 31, 2020.
This plea was made during a meeting of the Chief Executives of all the insurance companies with the Commissioner for insurance at the industry’s professional forum in Abeokuta, Ogun State recently.
The operators are more concerned and agitated, as it relates to meeting certain thresholds by 31 December 2020, and failing to meet them would make the commission restrict the scope of business insurance and reinsurance companies they can transact
