The commissioner for insurance Mohammed Kari while declaring open the 2018 seminar for insurance correspondents/ Business Editors in Abuja

 

The National Insurance Commission( NAICOM) has said that no amount of court cases would stop it from performing its regulatory obligations.
The commission was reacting to actions of some shareholders under the umbrella body, Independent Shareholders Association of Nigeria (ISAN) who were trying to use court injunction to stop the commission from carrying out its October 1st deadline set for tier based recapitalization exercise in the industry.

The commissioner for insurance Mohammed Kari while declaring open the 2018 seminar for insurance correspondents/ Business Editors with the theme: “Achieving a seamless implementation of the TBMSC policy in Nigeria” held in Abuja
said NAICOM would not fold its arms and watch the industry dies. “We need to wake up and face reality and if you look at the period of 1993 to 1997, court cases did not stop, but at the end of the day, a regulator must do its job, which is to regulate. That is what NAICOM is doing”, he said.
He assured that the statutory obligation of the commission was to ensure sanity and growth in order to save the industry.
Kari noted that the aim of the tier based recapitalization was to ensure that underwriting companies do not embark on underwriting business more than their capacity.
Speaking on the commencement of the Tier-Based Minimum Solvency Capital (TBMSC) policy, Kari gave assurance that there will be no license loss in the process adding that there will no mandatory injection of fresh fund by insurers and at the close of the initial certification date, there shall be no cancellation.
He said the commission have no plan to stampede shareholders to inject fresh capital, adding that with the new policy every operator can play very well since there is minimum solvency capital required.

He noted that the policy support the nature, scale, complexity and risk profile of the business conducted by insurers.

He added that the aim of the regulator is to checkmate the excess of insurance companies for the benefits of the policy holders, investors and the economy at large