Court suspends NAICOM’s tier-based recapitalisation plan

The National Insurance Commission (NAICOM) on Tuesday, has been asked by a Federal High Court sitting in Lagos, to stop the planned implementation of proposed minimum solvency capital policy scheduled to take effect from 14 September, pending expiration of a 30 days pre-action notice.

Justice Muslim Hassan, a Federal High Court judge gave the order in a class action brought by some shareholders of insurance companies in Nigeria, challenging the new minimum solvency capital policy proposed by NAICOM.