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INSURANCE & PENSIONS

NDIC Denies Plans To Liquidate Under performing Insurance Companies

The Nigeria Deposit Insurance Corporation (NDIC) has denied reports that it was seeking powers to liquidate under performing insurance companies in the country.

NDIC said the misrepresentations were published in some newspapers following the public hearing held on Tuesday, 8th July 2014 by the House of Representatives Committee on Banking and Currency.

According to a statement from NDIC, as a deposit insurer and liquidator of insured deposit-taking financial institutions, the liquidation of insurance companies is not its function.

In the statement, signed by NDIC’s Head, Communications and Public Affairs, Hadi Birchi, the organisation said “NDIC wishes to make it categorically clear that its proposed amendments bill which is before the National Assembly does not seek for powers to liquidate insurance companies or terminate the insurance firm’s licenses as erroneously published in the national dailies.”

SOURCE

 

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