The National Insurance Commission (NAICOM) says it has resolved to commenced implementation of the Tier-Based Marginal Solvency Capital (TBMSC) regime by October 1, 2018, to enable underwriters seal reinsurance treaties in line with the new policy.
According to the commission the new date was picked because most underwriting firms will by October begin to seek or renew their reinsurance treaties.
The step was taken to forestal firms from entering new treaties with their present positions which will be changed by the expected regime.
The commission is hopeful that new Rise Based Model will change the business of insurance in the country.
