Ahead of the September 30, 2021 deadline, Prudential Zenith Life Insurance says it is positioned to meet the additional capital requirement of N8 billion.
This is was as it raised its authorised share capital of N5 billion, the new minimum capital requirement of N4 billion by December 31, last year set by National Insurance Commission (NAICOM), the industry regulator.
The Managing Director/Chief Executive Officer, Mr. Chuks Igumbor, said, “We have met and exceeded the minimum requirement of the December 31, 2020 deadline set by NAICOM
He added: “This seamless recapitalisation effort is hinged on the enormous financial strength and support from our key shareholders.
Meanwhile, National Insurance Commission (NAICOM) said it has complied with the court order and will waive the initial mandate given to companies to meet up with half of the recapitalization directive by the last day of the year.
This followed an Interim Injunction from the High Court to suspend the recapitalization of insurance companies, pending the determination of the suit challenging the process, the
“The first phase of the recapitalisation of insurance and reinsurance companies would have been concluded yesterday, as it is customary, by 12 midnight.
“Spokesperson of NAICOM, Mr. Rasaaq Salami, who stated this said: “You are aware that the issue is in court and there is an interim order of the Court.
NAICOM being a responsible and law abiding organisation will respect the order of the court.” “Salami also noted that NAICOM had responded to the letter written by the NIA where the association sought clarifications on uncertainties surrounding the ongoing recapitalisation.
“The NIA had in a letter entitled: Segmentation of Minimum Paid Up Share Capital of Insurance Companies in Nigeria: Appeal For Waiver of December 2020 Milestone,” which was signed by the Director-General, Mrs. Yetunde Ilori, implored NAICOM to respond to its request for waiver of the December 2020 deadline for first phase of the recapitalisation exercise.