NAICOM INCREASES MINIMUM CAPITAL BASE; SETS DEADLINE FOR INSURANCE COMPANIES

The National Insurance Commission (NAICOM) in its circular referenced NAICOM/DPR/ CIR/25/2019 and dated May 20, 2019, announced a new recapitalization regime for insurance and reinsurance firms in Nigeria. The circular which was signed by the Commission’s Director, Policy and Regulation Directorate, was issued in exercise of powers granted under the Insurance Act 2003. The deadline for compliance for existing Companies is June 30, 2020. However, for new applicants the new minimum Paid-Up Share Capital will take effect from the date of the circular

• NAICOM INCREASES MINIMUM CAPITAL BASE; SETS DEADLINE FOR INSURANCE COMPANIES