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Insurers need $1.3 billion to comply with new capital rules


Expert said that Nigerian insurers and reinsurers would need 463 billion Nigerian naira ($1.3 billion) in the aggregate to comply with new capital regulations, TheGuardian reported. Under the new rules, general insurers need to increase their capital to NGN 10 billion from the current NGN 3 billion while reinsurers need to increase their capital to NGN 20 billion from NGN 10 billion.

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