AXA Mansard Insurance Plc and eight others have submitted their recapitalization plans to the National Insurance Commission’s (NAICOM) as demanded by the commission.
NAICOM had directed Insurance and Reinsurance firms to submit their recapitalisation plans to the Commission on or before August 20, 2019.
Deputy Director and Head of Corporate Communication, NAICOM, Rasaaq Salami, said Allianz Nigeria Insurance Plc, SUNU Assurances Plc, FBNInsurance, NEM Insurance Plc have also submitted theirs.
Other companies that beat the deadline includes: Cornerstone Insurance Plc, LASACO Assurance, AIICO Insurance Plc and Mutual Benefit Assurance Plc. NAICOM had issued the directive three weeks into July, giving the Insurance companies about one month to draft their recapitalisation blueprint.
The purpose of the recapitalisation plan is to figure out how the companies intend to raise new capital in order to meet up with the new share capital requirement, which is not later than June 30, 2020.
The new capital structure for Life, Non-Life and Composite insurance companies, including re-insurance companies will be N8 billion, N10 billion, N18 billion and N20 billion respectively, from N2 billion, N3 billion, N5 billion and N10 billion.