Tuesday, May 21, 2019 / 06:27AM / NAICOM Circular / Header Image
Credit: Nepean Brokers
In 2005/7,
the insurance industry witnessed its last recapitalization and despite the
astronomical increase in value of insured assets, consequent exposure to higher
level of insured liabilities and Operating cost of insurers, the same capital
continued to rule in the insurance industry.
In the exercise of the powers conferred on the Commission by the
enabling laws, the Minimum Paid-up Share Capital requirement of Insurance and
Reinsurance companies in Nigeria is hereby reviewed as presented in the Table
below:
Minimum Paid-up Share Capital Requirement
This
Circular shall apply to all Insurance and Reinsurance Companies other than
Takaful operators and Micro-insurance companies.
The new minimum paid-up share capital requirements shall take effect
from the commencement date of this Circular for new applications while existing
insurance and reinsurance companies shall be required to fully comply not later
than June 30, 2020.
The provision in respect of requirement of statutory deposit as
stipulated in Part Ill, Section 10 of the Insurance Act 2003 shall apply on the
effective date of commencement of this Circular.
All Insurance and Reinsurance companies are required to ensure strict
compliance with this Circular.
The commencement date of this Circular shall be May 20, 2019.
Pius AGBOOLA
Director, Policy &
Regulation Directorate
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