The National Insurance Commission (NAICOM) has said it is yet to receive an order issued by a Federal High Court in Lagos, restraining it from continuing with the Tier-Based Minimum Solvency Capital (TBMSC).
The Commissioner for Insurance, Mohammed Kari, disclosed this at the weekend during the 2018 Seminar for Insurance Correspondents in Abuja, stressing that the commission will not shy away from its responsibility of protecting policyholders and investors.
He noted that the responsibility of the commission is not to punish operators, but to nourish them, adding that the regulator is poised to ensure that insurance industry is isolated from future financial crisis.
On Thursday, Justice Muslim Hassan of the Federal High Court sitting in Lagos, had earlier restrained the Commission from implementing Tier-Based Minimum Solvency Capital, TBMSC, structure until after the expiration of 30 days pre action notice shareholders of insurance companies served the commission on the 6th of September, 2018.
The case which was filed by Sir Nnamdi Nwosu and Seven others Vs the National Insurance commission with suit no 1483 of 2018 FHC/L/CS/ 1483/18.
Justics Hassan adjourned hearing on the main action suit marked: FHC/L/CS/ 1483/18 to October 8, 2018.
Counsel to the plaintiffs are B. C. Igwilo, SAN and Chuks Nwachuku.
On August 27, 2018, NAICOM, through a circular with number NAICOM/DAPCIR/14/2018, informed insurance firms that their operations would now be reclassified into tiers, noting this would be based on minimum solvency capital on the basis of their respective risks profiles and their risks management systems.
The policy was expected to take effect from January 1, 2019, but the regulator later brought back the date to October 2018.