With recent conclusion of recapitalisation exercise in the insurance industry, NAICOM ‘s appointment of receivers and liquidators for the failed insurance firms has generated court actions against possible liquidation, writes Ebere Nwoji.
The present leadership at the National Insurance Commission (NAICOM), will for ever be remembered for its determination to conduct a fair and conclusive recapitalisation exercise in the Nigerian insurance industry after two decades of several inconclusive recapitalisation attempts.
Indeed, before the present commissioner for insurance, Mr Olusegun Ayo Omosehin’s regime in NAICOM, his predecessors namely Mohammed Kari and Sunday Thomas had experimented on several models of recapitalisation but all ended inconclusively because of oppositions from some owners of insurance firms who could not raise the new capital within the specified time.
But with Nigerian Insurance Industry Reform Act’s (NIIRA) recommendation of new capital base for the sector, Omosehin, girded his loin to ensure that the recommendation was carried out to the letter.
NAICOM’s Guidelines
