COVID-19, #EndSARS: Towards awakening insurance consciousness of Nigerians nationalaccordnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalaccordnewspaper.com Daily Mail and Mail on Sunday newspapers.
Cash woes: FG after dormant accounts, unclaimed dividends
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…Bankers surprised, unaware
“From the commencement of this Act, any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the Unclaimed Funds Trust Fund.” FINANCE ACT 2020, SECTION 77, 1-3
By Babajide Komolafe, Nkiru Nnorom, Rosemary Onuoha & Elizabeth Adegbesan
NAICOM, NIA disagree over recapitalisation of insurance firms
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By Rosemary Onuoha
The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing.
NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion.
Insurance Bill 2020: NIA opts for risk-based capital thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
Ganiyu Musa. PHOTO: Innovation Village
The Nigerian Insurers Association (NIA) has recommended the introduction of risk-based capital to the Consolidated Insurance Bill, describing it as the right model for the insurance industry to align with the market to reposition for growth.
The Deputy Director, Corporate Communications, Human resources & Administration, NIA, Davis Iyasere, who spoke to The Guardian, noted that the recommendation was made during the association’s presentation at the two-day public hearing on the Consolidated Insurance Bill 2020 by the House of Representatives Committee on Insurance and Actuarial Matters in Abuja.
He said the Chairman of the Association, Ganiyu Musa, stated that in adopting the risk-based capital adequacy template, the Association took cognisance of the need to consider insurance, market, credit and operational risks as well as the need to apply such capital charges on assets and liabilities.