Insurance regulator, the National Insurance Commission (NAICOM) has announced the passing away of former commissioner for Insurance, Emmanuel Okechukwu Chukwulozie.
Chukwulozie, a lawyer who passed away on 7th of November 2020 was a former Commissioner for Insurance and Chief Executive of the National Insurance Commission between 18th November 2004 to 20th March 2007.
Chukwulozie supervised the recapitalisation exercise in the industry in 1997, when the Federal Government mandated insurance companies to raise their capital base from N150 million to N2 billion for life companies, N200 million to N3 billion for general business, N500 million to N5 billion for composite companies and N350 million to N10 billion for reinsurance companies.
The objective of the exercise was to enable the industry to take on high ticket risks, meet claims obligations and train its workforce improved significantly at the end of this exercise.
