The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement. Banire announced the development in a public notice dated August 4, saying NAICOM exercised its statutory powers in appointing him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation, with registration number RR-002. The statutory capital requirement is intended to ensure that insurance and reinsurance companies maintain sufficient financial capacity to meet their obligations to policyholders and other stakeholders. The receiver also announced the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation pending further instructions from his office. The public notice serves as formal notification to creditors, policyholders, banks and other stakeholders that all dealings involving the corporation must now be channelled through the Receiver and Provisional Liquidator.