Insurers Await Release of N300bn as CBN Commences Due Diligence
Ebere Nwoji Following the recent conclusion of recapitalisation process, insurers are eagerly awaiting the release of N300 billion in their escrow account as the Central Bank of Nigeria (CBN) commences
Insurers in Nigeria are eagerly awaiting the release of N300 billion in their escrow accounts 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 apex bank to release the funds, with the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, stating that insurers would receive their funds by the end of September.
Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association (NIA), confirmed that NAICOM has instructed the CBN to release the funds and assured operators that the funds would be returned within October. Nwachukwu urged insurance operators to deploy the enhanced capital base to expand local underwriting capacity, increase retention during reinsurance renewals, and provide cover for emerging exposures such as cyber and climate risks, as the regulator implements the Risk Base Capital model.
Brief written by urgent.news from This Day's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
