Insurance World

Royal Exchange Fix Sept 11 For Emergency Board Meeting To Consider NAICOM’s Tier- Based Minimum Solvency Capital For Insurers

Auwalu Muktari, GMD Royal Exchange Plc

 

BY NKECHI NAECHE—-Poised to meet the deadline set by National Insurance Commission( NAICOM) for companies to meet the new requirements under Risk Based Solvency, the Management of Royal Exchange Plc has announced that it will hold its emergency board meeting on September 11, 2018.

This is contained in a notice to the Nigerian Stock Exchange (NSE) dated August 30, 2018, signed by Sheila Ezeuko, Company Secretary, that top on the agenda of the meeting will be to receive and consider the update on the proposed investment in the company and the recent National Insurance Commission circular on the Tier – Based minimum solvency capital policy for insurance companies.
The notice added that the meeting will also look at restructuring issues as it affects the company and any other business.
The notice thus read: “Consequently and in accordance with the provisions of Rulw 17.18(b) of the Nigerian Stock Exchange Vook ( the Rukea), the company wishes to announce the commencement of a closed period from 30 August 2018 until the decision taken at the board meeting are made public.”

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