Insurers warned recapitalisation may fail without stronger corporate governance
- ✦He spoke at the eighth Annual Insurance Directors’ Conference, organised by the College of Insurance and Financial Management in collaboration with NAICOM in Lagos on Thursday.
- The National Insurance Commission has said that higher capital alone cannot guarantee financial stability, urging boards to strengthen risk management and protect shareholders’ funds The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin, said raising additional capital was only the first step towards building financially resilient insurance institutions, stressing that the ability to protect and effectively deploy the funds would determine the industry’s long-term stability.
- Under the framework, he said, an insurance company could meet its prescribed minimum capital requirement but still have insufficient capital to support its actual risk exposure.
- He spoke at the eighth Annual Insurance Directors’ Conference, organised by the College of Insurance and Financial Management in collaboration with NAICOM in Lagos on Thursday.
NAICOM warns insurers that recapitalisation may fail without stronger corporate governance, urging boards to strengthen risk management and protect shareho
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
The National Insurance Commission has said that higher capital alone cannot guarantee financial stability, urging boards to strengthen risk management and protect shareholders’ funds The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin, said raising additional capital was only the first step towards building financially resilient insurance institutions, stressing that the ability to protect and effectively deploy the funds would determine the industry’s long-term stability.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Lagos State.
What timeline or key figures were confirmed?
He spoke at the eighth Annual Insurance Directors’ Conference, organised by the College of Insurance and Financial Management in collaboration with NAICOM in Lagos on Thursday.
