Insurers Anticipate N300 Billion Release from CBN
Insurers are awaiting the release of N300 billion held in an escrow account as the Central Bank of Nigeria (CBN) begins due diligence following the completion of the recapitalisation process. The National Insurance Commission (NAICOM) has formally instructed the CBN to release these funds.
Olusegun Ayo Omosehin, the Commissioner for Insurance, announced during a press briefing in Lagos that insurers should expect to receive their funds by the end of September. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association, confirmed that NAICOM has directed the CBN to proceed with the release.
She assured that the funds would be returned to the original accounts once verification is complete. Nwachukwu urged insurance operators who have met the recapitalisation requirements to utilize the enhanced capital for expanding local underwriting capacity and addressing emerging risks.
NAICOM has also appointed Ernst & Young as a consultant to assist in transitioning to a Risk-Based Capital regime.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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