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Nigeria approves recapitalization plans for 44 insurers


The National Insurance Commission of Nigeria has approved the recapitalization plans of 44 insurers, Middle East Insurance Review reported. On May 20, the commission raised the minimum paid-up share capital requirement for general insurers to 10 billion Nigerian naira ($27.6 million) from NGN 3 billion; reinsurers to NGN 20 billion from NGN 10 billion; and composite insurers to NGN 18 billion from NGN 5 billion.

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