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Nigeria: Increasing regulatory reforms put pressure on insurers

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Increasing regulatory reforms in Nigeria's insurance sector are putting operators on their toes against monetary sanctions, Business Day reported.

The National Insurance Commission said it will not lower its standards of approval of insurers' accounts which must comply with the format of the International Financial Reporting Standards. Since the financial crisis, there has been a tendency for over-engineering and increased cost of compliance, Olav Jones, deputy director general of Insurance Europe, said.

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