Ebere Nwoji

The Securities and Exchange Commission (SEC) has set up a help -desk to facilitate all processes relating to insurance operators’ bid raise the required funds through the capital market.

At  the recent 19th insurers’ committee meeting,  SEC Director General, Dr Emomotimi Agama said  the commission will fast track all documentations and approvals for insurance companies wishing to raise capital using the instrumentalities of the capital market.

Agama, who gave the commitment at the  interactive session with chief executive officers of insurance and reinsurance companies said  the dedicated desk would  ensure that all approvals and documentations were completed within 14 days thus giving the project a head start.

Agama urged insurance companies not to see the project as a fund raising exercise but rather a charge to the reforming and repositioning of the nation’s insurance industry for the big ticket businesses.

According to him, the new capital requirements which prescribed N15 billion for non life insurance companies, N10 billion for life insurance firms and N35 billion for reinsurance companies should be considered as the much needed tonic for the repositioning of the market contrary to views in certain quarters that the move was meant to decimating the number of players in the industry. Insurance companies are expected to raise the funds within one year of the signing into law of the Nigerian Insurance Industry Reform Act (NIIRA).

Chairman of the Communication and Stakeholders Engagement Sub-Committee, Mrs. Ebelechukwu Nwachukwu, giving  details of the outcome of the meeting at  a press briefing at the Insurers House Lagos which is the secretariat of the Nigerian Insurers Association (NIA) disclosed that SEC has also granted about nine concessions to facilitate the recapitalisation process.

While speaking on the draft of the new minimum capital requirement guidelines to the industry for review circulated by the National Insurance Commission (NAICOM), she said comments from stakeholders have already been submitted, and the final guidelines were expected to be released soon.

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