The context for the above statement by Nigeria's insurance regulator was subsequent to the litigation instituted by aggrieved shareholders of some insurance companies to stop NAICOM's implementation of its Tier-Based Minimum Solvency Capital (TBMSC) policy directive. Announced in August 2018, TBMSC's Transitional Guidelines embodied the implementation strategy for regulatory driven recapitalisation of the insurance industry. The TBMSC Circular defined TBMSC as “A regulatory model designed for the application of proportionate solvency capital that support the nature, scale, complexity and risk profile of the business conducted by insurers.”
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