New Capital Requirement: Nigeria’s Insurance Sector

Nigeria’s Insurance Regulator, NAICOM, recently introduced new capital requirements for insurance companies. Current capital Requirements are N2b for Life Companies and N3b for General Insurance Companies

Capital requirements will hence forth be linked to the classes of business (COB) underwritten. It is important to note that COB is the differentiator, not the type or volume of business written, thus the requirements are not fully risk based.

 

 


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