By Ginika Okoye
Veritas Kapital Assurance Plc has expressed optimism of meeting the sector’s recapitalisation regulatory requirement, both as a matter of timeline and admissible assets acceptable.
Mr Babatunde Irukera, the newly elected Chairman, Board of Directors of the company, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
Irukera, also the former Chief Executive Officer of the Federal Competition and Consumer Protection Commission, said the company had recorded successes throughout the year in preparation for the exercise.
He said the Nigerian Insurance Industry Reform Act (NIIRA) which brought about recapitalisation unveiled the most comprehensive and robust compliance and consumer protection, satisfaction framework and mechanisms yet in the industry.
Irukera said NIIRA would expand the scope of insurance business and also transform the way insurance was carried out.
According to him, it identifies and mandates new areas where insurers can innovate and develop new products.
“The law also specifically provides that insurers must digitise, considering that globally digital markets are growing and constituting a larger part of commerce, such legislative reform is sure to transform the industry.
“Over the course of this year, Veritas has done better, it is a public company and its periodic performance is underscored by fundamentals that have inspired confidences which can be seen in the steady rise of the value, and volume of trading in our shares in the Exchange.
“Our more robust marketing, gross written premiums, cost management and other revenue management efforts are yielding results, and these invariably go to the bottom line,” he said.
On the payment of dividends to shareholders, the new board chairman said the company had set ambitious targets and the management had done commendable jobs towards achieving the goals.
“This will ultimately translate to dividend distribution to shareholder.
“We are confident that very soon, the shareholders will receive appreciable returns from the company,” he said.
NAN reports that NIIRA 2025 introduced higher Minimum Capital Requirements (MCR) of N10billion, N15billion, N25billion and N35billion for life, non-life, composite and reinsurance companies respectively.
The Act also introduced a shift to a Risk-Based Capital framework for insurance and reinsurance companies in the country.
NAN reports that Irukera’s appointment was ratified by shareholders at the company’s 48th Annual General Meeting on Oct. 31.
Veritas Kapital Assurance Plc is one of the leading insurance companies formerly known as UnityKapital Assurance Plc.
The company offers non-life Insurance products and services to individuals and institutions across Nigeria. (NAN)(www.nannews.ng)
Edited by Chinyere Joel-Nwokeoma
