Determined to enforce the new recapitalization regime in the Insurance Industry, the Commissioner for Insurance, Mr. Olorundare Sunday Thomas, has advised insurance and reinsurance firms to fast track efforts to meet the new recapitalization deadline as the new date is sacrosanct.
The NAICOM Boss, speaking in an interview with NAIPCO Trumpet, explained that by the 30th of September, 2021 those companies who do not meet the requirements as stipulated will be out of business, there is no two ways to it, he said. According to him, we don’t want to make insurance exclusive law neither are we trying to make it an all comers affair. We cannot claim not to be conscious of our environment of course, there are people that will not be happy that it is extended but we also know that there are people who will not be happy if we didn’t extend it, so, it’s not a case of somebody being happy or not. The fact is conviction, we are convinced that extending it to September, 2021 is the appropriate thing that will enable us achieve our objectives.
Said he, “The slowdown that I meant is not that of slowing down and not doing anything but probably not as fast as they had been, I believe that those who will not be able to meet it will not even if we extend it by two years. That shouldn’t be a big challenge to us. We believe that our date is sacrosanct. It can’t change. It will not change. By the 30th of September, 2021, those who don’t meet it will be out of business. There is no two ways to it”.
As a result, “the whole idea of the recapitalization exercise is to have an industry that is strong, diligent in prosecution of its assignment, highly liquid for claims settlement, solid in terms of assets and visible in terms of retaining business within our environment”.