LASACO Meets NICOM Deadline For Recapitalization – Complete News
Top rated Insurance company, LASACO Assurance Plc has , against all odds, met NICOM’S December 31st deadline given to underwriters to recapitalize.
The nation’s insurance regulatory body (NICOM), mandated insurance companies operating in the country to recapitalize so as to ensure a healthy and robus operations of the insurance industry.
The Lagos State Assurance Company, (LASACO) was able to beat the deadline for recapitalization, following the injection of a whopping N3.5BILLION into the industry by Lagos State government.
The cheering news was greeted with loud ovations among the shareholders who believe it’s a sign of good things to come.
In the meantime, the insurance companies are expected to meet at least half of the capital requirements by the end of 2020. The final deadline to fully recapitalise is September 2021.