The Nigerian Insurers Association has commended the National Insurance Commission for its recent circular on extension of deadline for recapitalisation of insurance and reinsurance companies in Nigeria.
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In a statement, the Director General of the association, Mrs Yetunde Ilori, while commenting on recent developments on the insurance industry recapitalisation, stated that the commission had taken a bold step in the right direction by acceding to the request of insurance companies for extension of deadline for the exercise.
She stated, “The Association appreciates the acting Commissioner for Insurance, Mr Sunday Thomas, and management of National Insurance Commission for acceding to our request.
“This singular move has no doubt portrayed the commission as one with a listening ear. It has proved to be responsive to the yearnings and aspirations of the insurance operators and shown that the interest of the market is uppermost in its considerations.”
She noted that by the extension, insurance companies now had ample time to comply with the directive instead of having to go into the exercise without adequate preparation and diligent execution.
This would also be in support of a seamless reinsurance arrangement which was an annual arrangement, she added.
Ilori said it would have been absurd to conclude the recapitalisation exercise by mid year as this might have caused a lot of disruptions.
She stated, “Now that the commission has provided the needed impetus for members to go about the exercise, it is my appeal that member companies should give the exercise all the seriousness it deserves.
“We need to appreciate the commission’s gesture by working hard to achieve the recapitalisation threshold set for our various businesses. That way, we will encourage the commission to churn out more market -friendly policies.
“For our members, the onus is on them to take advantage of the new date as some of the initial challenges thrown up by the first date have been addressed with the extension granted.
“It is our hope that whatever recapitalisation option they have to take, the new timeline will give them ample opportunity to do so. The NIA wishes members success in their recapitalisation plans and pray for a hitch free exercise.”
The director-general said the market expected more good news from NAICOM by way of palliatives and incentives, especially those that were within the commission’s control.
According to her, the appeal was based on the fact that the cost of the exercise would be too heavy on the companies, and this would assist the companies to reduce the cost of recapitalisation and increase shareholder value.
Recall that in May last year, the commission increased the capital levels for insurance and reinsurance companies operating in the market and set June 2020 deadline to meet its requirements.
With the latest development, insurance companies now have up till December 2020 as deadline.
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