The Securities and Trade Fee (SEC) has urged listed insurance coverage corporations to make the most of alternatives within the capital market to boost the wanted funding for the continuing recapitalisation train, identical to banks raised N3 trillion of their ongoing banking recapitalisation train.
The director-general of the SEC, Dr. Emomotimi Agama, addressed insurance coverage operators on the current Insurers’ Committee assembly in Lagos on the weekend and pledged to make sure underwriters don’t incur big prices when elevating funds on the Trade.
Whereas advising insurance coverage operators to not think about the Nigerian Insurance coverage Trade Reform Act (NIIRA) 2025 as a privilege to boost cash however as a possibility to rework the insurance coverage business, he disclosed {that a} 14-day window could be opened for corporations to course of all fundraising necessities on the Trade.
Commending the Nationwide Insurance coverage Fee (NAICOM) for the sturdy relationship it has created with the SEC, he added that each events have by no means loved such collaboration earlier than, urging operators to accentuate efforts in creating insurance coverage consciousness.
Earlier, the commissioner for Insurance coverage, Olusegun Omosehin, appreciated SEC administration’s pledged assist to the insurance coverage business, noting that NAICOM would proceed to drive the business in the direction of harnessing all insurance coverage alternatives within the nation.
Charging insurance coverage operators to stick strictly to the recapitalisation frameworks to make sure the set targets are met as stipulated, he recommended insurance coverage corporations for the immediate settlement of two massive claims that have been lately settled, whereas
applauding the Nigerian Council of Registered Insurance coverage Brokers (NCRIB) for its swift response to the current misgivings by a famend musician, Yinka Ayefele.
