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NAICOM vows to liquidate more distressed insurance companies

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The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said more distressed insurance companies may be liquidated.

It then appointed receivers/liquidators for both companies.

Life insurance companies were ordered to raise their capital from N2bn to N4bn at the end of the first phase, and N8bn at the end of the second phase. Composite underwriters were ordered to raise their capital from N5bn to N9bn at the end of the first phase, and to N18bn at the end of the second phase.

 

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