NAICOM Issues Circular on Segmentation of Minimum Paid up Share Capital Requirement

NAICOM

Following circulars released in May and December of 2019, introducing new capital requirements for insurance companies in Nigerian and extending the deadline for recapitalization, the National Insurance Commission (NAICOM) on 3 June 2020 released another circular (NAICOM/DPR/CIR/25-04/2020) (the Circular) announcing its decision to extend and segment the recapitalization process in view of the realities of the COVID-19 pandemic.

Without a doubt, the pandemic has adversely impacted on the recapitalization efforts of insurance companies, consequently, a review of the recapitalization deadlines by NAICOM has become very necessary to provide adequate time for all stakeholders to manage the effects of the pandemic and consolidate their recapitalization efforts.

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