Ebere Nwoji
The National Insurance Commission (NAICOM) yesterday said there was no going back on its October 1, 2018 deadline for operators in the insurance industry to shore up their capital base.
The commission insisted on the deadline despite a Federal High Court order to the commission to stop the implementation of the policy.
Justice Muslim Hassan of Federal High Court, Lagos, had last week given an order in an action brought by some shareholders in the industry, mandating NAICOM to halt the implementation of the deadline.
However, NAICOM, at a retreat organised for journalists in Abuja yesterday, insisted that there was no going back on the recapitalisation exercise, saying there was nowhere in the world that a court has stopped a regulator from performing its duty.
The Commissioner for Insurance, Alhaji Mohammed Kari made the position…
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