- No fewer than nine insurance companies’ executives will have to vacate their positions by the end of this year
- This development follows a notice of a 10-year tenure limit as instructed by the industry’s regulator, NAICOM
- The new policy will not only affect CEOs but some executive directors are expected to face the same fate
At least nine insurance firms have initiated succession strategies aimed at appointing new managing directors and chief executive directors no later than December 31, 2023.
This move comes in response to the directive issued by the National Insurance Commission (NAICOM), which imposes a tenure limit of a maximum of 10 years for individuals serving in these leadership roles.
