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There are indications that the first phase of the recapitalisation of the insurance industry which was to end on December 31, 2020 has been suspended.
A letter from the National Insurance Commission to the Nigerian Insurers Association on Thursday which was obtained by our correspondent gave the indications.
The letter was signed by the Legal Adviser, NAICOM, Talmiz Usman, titled ‘Re: Segmentation of minimum paid up share capital of insurance companies in Nigeria: Appeal for waver of December 2020 milestone, and was addressed to the director-general of the NIA.
The NIA had earlier written a letter to NAICOM which was received and acknowledged by the commission on Tuesday.