Nigeria approves recapitalization plans for 44 insurers

Posted On: Nov. 12, 2019 5:49 AM CST

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.