The National Insurance Commission ( NAICOM) on Tuesday in Lagos granted no objection to 44 insurance companies to proceed with their recapitalisation plan.
Its Acting Commissioner, Mr. Olorundare Thomas who spoke during an interactive session with shareholders said two companies have concluded plans to merge.
Represented by the Director, Policy and Regulation Directorate, Mr.Pius Agboola, he said 10 insurance firms are yet to get the no objection approval to continue with their recapitslisation plans.
Out of the 10 yet to be approved by the Commission, two have not submitted, another two have their plans under review while six were turned back by the regulator for rework.
With nearly N200 billion expected in the insurance industry after the recapitalisation, the sector is hopeful to emerge stronger, contribute more to the economy and offer good returns to investors.
With the new capital, the industry will have enough resources to attract quality manpower, acquire necessary skills to underwrite big ticket risks, increase retention in the local market, and be able to take advantage of untapped potentials to create shareholder value.
NAICOM had in a circular issued on Monday May 20, 2019 announced increase in the paid-up share capital of life companies from N2 billion to N8 billion; General Business from N3 billion to N10 billion; Composite Business from N5 billion to N18 billion; and Reinsurance Companies from N10 billion to N20 billion.