Shareholders on Monday commended the National Insurance Commission (NAICOM) over the cancellation of the Tier Based Solvency Capital recapitalisation.
The shareholders under the aegis of the Independent Shareholders Association of Nigeria (ISAN) said the cancellation of the recapitalisation bid by NAICOM was a welcome development and a sign of respect for the rule of law.
Mr Moses Igbrude, ISAN Publicity Secretary, told the News Agency of Nigeria (NAN) in Lagos that it was a welcome development that the regulator toed the path of law.
NAN reports that NAICOM on Nov. 23 announced the cancellation of the Tier Based Solvency Capital policy for the underwriting sector with immediate effect.
The commission gave this notice in a circular to all insurance companies on ‘Withdrawal of circular on Tier Based Solvency Capital policy for insurance companies in Nigeria,’ signed by the Director, NAICOM, Mr Agboola Pius, on Friday.
It will be recalled that recently,…
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