Former Commissioner for Insurance, Olorundare Sunday Thomas, has thrown his weight behind the National Insurance Commission (NAICOM), dismissing concerns over regulatory guidelines and recapitalisation charges following the successful conclusion of the exercise.
In a chat with BusinessTodayNG, Thomas stated. “The Commission possesses the statutory power to issue guidelines and charge fees. On the charges once the body of the regulated entities have not raised any objections, there should’nt be any issue as raised by one or two operators.
Addressing rumors surrounding operators like NICON Insurance and Nigeria Reinsurance Corporation, Thomas noted that there seem to be no basis for their petition as most operators have successfully complied.
He further stated “In my opinion the Finance Minister’s recent reaction to the petition by Nicon and Nigeria Re with respect to payments demanded by NAICOM has not in anyway altered or disrupted the overall progress of the recapitalisation process.
Regarding operator compliance, Thomas expressed confidence that all cleared institutions that have recapitalised and have met their financial obligations to the regulator. will focus on diverse investment and claims payments,” he noted.
