The Commissioner for Insurance, Mr Olusegun Omosehin, said the original plan of the National Insurance Commission at the onset of the recapitalisation exercise was that no insurance underwriting firm would go down. The exercise saw the withdrawal of operating licences of six insurance firms. Omosehin stated that his administration did its best to ensure all insurance operators remained in business after recapitalisation, but cited the deviant attitude of the owners of the six affected firms. He said he called companies showing signs of inability to meet the requirements for a closed-door meeting where he pleaded with them to consider mergers, but they would not listen.
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