NAICOM to release new recapitalization guidelines for insurance coys

The National Insurance Commission (NAICOM) has announced that it will release new recapitalisation guideline for in­surance and reinsurance companies after COVID-19 pandemic has fazed off.

Mr Sunday Thomas, the Com­missioner for Insurance and Chief Executive Officer of NAICOM, who made the disclosure on Tuesday at an online meeting of insurance stakeholders titled `Post COVID- 19: Impact on the Insurance Industry’, said that the pillars that formed the initial re-capitalisation objectives like consolidation, foreign direct investments and local investors had been hindered by the pandemic.

According to him, the commis­sion is re-strategising, factoring this into the scene and creating different models to see which will be more re­sult-oriented.

“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 recapitalisation exercise.

“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,’’ he assured.

Thomas, who described insur­ance as sensitive, however, appealed to brokers and underwriters to im­prove their response to claims pay­ment.