By Favour Nnabugwu
THE National Insurance Commission, NAICOM, says that insurance companies will have to renew their operating licenses every quarter when the Tier Based Minimum Solvency Capital, TBMSC, regime kicks-off.
The Commission explains that the move is to ensure that companies meet the required statutory solvency capital level for the tier which they operate.
Commissioner for Insurance, Mohammed Kari, stated this at the 2018 seminar for insurance correspondents in Abuja. Kari stated: “Insurers should not expect to get automatic license once they identify the tier they wish to operate in, rather they will be recertified every financial quarter.”
The commissioner had explained that the need for classification is to enable companies operate within their financial capabilities while avoiding taking more than the risk they can undertake.
According to the Commission,…
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