As of August 20, many Nigerian insurance companies have complied with the deadline set by the National Insurance Commission (NAICOM) to submit their recapitalization plans.
Companies submitting their plans include AXA Mansard Insurance Plc, Allianz Nigeria Insurance Plc, SUNU Plc Insurance, FBNInsurance, NEM Insurance Plc, Cornerstone Insurance Plc, LASACO Insurance, AIICO Insurance Plc and Mutual Benefit Insurance Plc.
Last May, the National Insurance Commission (NAICOM) again called insurance companies operating in Nigeria to comply with a new capital increase to 20 billion naira (55.4 million dollars) against 10 billion ( $ 27.7 million) previously.
Please note that the commission will review the submitted recapitalization plans and provide responses no later than September 17, 2019.
