By Rosemary Onuoha
Any insurance company that capitalizes on the Tier-Based Minimum Solvency Capital, TBMSC, policy to de-market another insurer could lose its operating license once the policy kicks-off.
The National Insurance Commission, NAICOM, which gave this charge, further warned operators to desist from discrimination or inferior/superior player categorisation in the TBMSC regime. Director, Supervision at NAICOM, Mr. Barineka Thompson, who stated this at a seminar for insurance correspondents in Abuja, noted that in the TBMSC regime all insurance institutions shall have an obligation to report all market abuse involving the operation of the Tier-Based policy to the Commission immediately. Thompson stated: “No discrimination or inferior/superior adjectives shall be allowed by an insurer/broker of an insurer that qualify to underwrite business of a specified class of…
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