Shareholders of Universal Insurance Plc have accused the National Insurance Commission (NAICOM) of injustice over its decision to revoke the company’s operating licence, warning that the action could expose investors to significant losses and threaten workers’ jobs.
The shareholders, who spoke exclusively with THE WHISTLER, expressed divergent concerns over the regulatory action, with some questioning whether the commission exhausted all available options to support the insurer’s recapitalisation before withdrawing its licence.
The development followed the conclusion of the insurance sector’s recapitalisation exercise, under which operators were required to meet new minimum capital requirements within the regulatory timeline or…