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Insurance companies have written a letter to the National Insurance Commission to explain its stand on the first phase of the industry’s recapitalisation expected to end on December 31.
In its recapitalisation requirements, NAICOM mandated that 50 per cent of the minimum paid-up capital for insurance and 60 per cent for reinsurance must be met by 31 December 2020.
NAICOM stated that insurance companies that failed to satisfy the required minimum paid-up capital by December 31, 2020 may be restricted on the scope of business they would transact.
On December 9, the House of Representatives asked NAICOM to suspend the December 31, 2020 deadline set for operators in the insurance industry to recapitalise.