NAICOM to rollout new guideline on industry’s recapitalisation post-pandemic
The National Insurance Commission (NAICOM) has revealed plans to release new recapitalization guidelines for insurance and reinsurance companies at the end of the Covid-19 pandemic.
The Commissioner for Insurance and Chief Executive Officer, NAICOM, Sunday Thomas, made the disclosure at an online meeting of insurance stakeholders themed, ”Post Covid-19, impact on the Insurance Industry”.
He stressed that the pillars that formed the initial recapitalization objectives such as consolidation, foreign direct investments and local investors have been overtaken by the pandemic.
Recall that the insurance industry regulator had fixed the deadline for recapitalization of the insurance and reinsurance companies for June 30, 2020 but later extended it to December 31, 2020 prior to Covid-19 lockdown which has negatively affected business decisions across the globe.
Thomas said that the commission is re- strategizing; factoring the move into the scene and creating different models that will enable it to locate more result-oriented transactions.
He noted, ”The game has changed, immediately we are pitched out of this pandemic, of course, we are going to release a new guideline with respect to recapitalization exercise.
He explained that the commission will be coming up with a structured way to ensure that the industry will have the necessary data to drive the business.
“We will look into our service delivery and awareness creation” even as he described insurance as sensitive.
He however, appealed to brokers and underwriters to improve their response to claims payment.
Contributing, the Executive Director, AXA Mansard Insurance PLC, Mrs. Rashidat Adebisi appealed to operators to leverage opportunities created by the pandemic to build innovations that would improve the sector.
Speaking on the effects of the pandemic on job performance in the sector, the Group Managing Director of Cornerstone Insurance PLC, Ganiyu Musa urged employers to continue to relate with employers in a more humane manner.
”I always tell people that your best guarantee for job protection is improvement and efficiency, clearly, no organization will like to lose their most important resources, be it human or material”, he noted.
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