Musa said the insurance industry recapitalisation exercise, which was incepted by the National Insurance Commission in May 2019, remained unresolved due to the court cases initiated by some concerned parties.
“We are also concerned about the uncertainty the delays have created, especially among our critical stakeholders, and we appeal to the litigants to sheathe their swords so that whatever the issues in contention are can be resolved through constructive engagement for a swift end to the matter in the interest of the insuring public and all stakeholders,” he said.
The definition of capital as encapsulated in the Insurance Act 2003 and the commission’s interpretation of same had fallen far behind best practice in insurance and financial sector regulation and would be injurious the member companies, he said.
Soon we will be devoid of Fiat currency, centralization and the third party monopoly