NBFIRA steps into Bona Life crisis

Veteran retirement fund administrator, Paul Masie has been appointed Bona Life statutory manager, tasked with assessing the firm’s challenges and potentially recommending solutions. Alternatively, Masie could also recommend the firm’s liquidation should his assessments point that way.

The firm, which is the country’s third largest life insurer, is steeped in a fresh crisis after falling short of the regulator’s Prescribed Capital Target (PCT). The PCT is a prudential rule enforced by NBFIRA and designed to protect policyholders from adverse events.