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Nigeria: Insurers violating rules would be sanctioned, says regulator

March 17, 2014 - 6:21am


Nigeria's National Insurance Commission has warned practitioners in the insurance sector against breaching regulations and said insurers caught violating rules will be sanctioned, ThisDay Live reported.

Meanwhile, Remi Olowude, chairman of the Nigerian Insurers Association, has asked the government to do away with statutory deposits for insurers.

Mr. Olowude said insurers are the only operators in the financial services sector that are required to deposit 10% of their capital with the central bank.

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