The Presidential Technical Review Panel on Insurance Capitalisation and National Insurance Commission (NAICOM) reform on Monday submitted its report, recommending a reorganisation of the insurance regulatory body to enable it perform its statutory role effectively. It is believed that once this is done, the Federal Government will release investors' monies that had been escrowed for nearly 12 months.

The Federal Government set up the Technical Review Panel to X-ray the recertification processes that led to the emergence of 71 insurance companies following the submission of the report of the Panel of Investigation on the National Insurance Commission last April. Submitting the report to the Minister of State for Finance, Mr. Aderemi Babalola, the panel chairman, Alhaji Bala Zakariya'u said the panel reviewed 69 of the 71 companies currently possessing certificates to carry on as insurers and reinsurers. NICON and Nigeria Re had secured a court injunction restraining the government from conducting a review of their activities.