Tuesday, September 16, 2025
26.4 C
Lagos

Nigeria Abolishes Capital Levels for Insurance Firms

The National Insurance Commission [NAICOM] and operators have jointly agreed to abolish capital levels for insurance companies operating in Nigeria as part of measures towards transmitting to risk-based supervision.

The decision was taken at the 2nd Insurers Committee held in Lagos yesterday and attended by the Commissioner for Insurance, NAICOM and chief executive officers of insurance firms.

However, the committee maintained that the existing minimum capital requirement for life, general and composite insurance business will still remain the minimal benchmark in the industry.

Mr. Oye Hassan-Odukale, the Chairman, Publicity & Communications Sub-committee said henceforth, each insurance company will determine the level of capital it needs to operate maximally in the market.

He said the committee also agreed to enforce the Code of Corporate governance with effect from April 1, 2O16 to enhance market and professional transparency in the industry going.

Odukale, who is also the Managing Director/CEO of Leadway Assurance Company Limited, added that certain contending issues between NAICOM and operators were equally discussed for the purpose of resolving same in the interest of all parties, and sustainable growth of the insurance market.

He promised that a Roadmap on the risk-based supervision model would be unveiled later when the various committees set-up for the purpose must have submitted their reports.

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

NCRIB President Attends BIBA Conference in UK

L-R: Deputy President, Nigerian Council of Registered Insurance Brokers...

Olubunmi Familoni Wins 2024 edition Nigeria Prize for Literature

2024 Winner of The Nigeria Prize for Literature, Familoni...

WHO: ‘Global Death Rate of Coronavirus is 3.4%’

The World Health Organisation (WHO) has put the global...

Brussels Attack: European Nations Tighten Airport Security

In response to terror attacks that have shaken the...

Rand Merchant Bank to Facilitate Business Flows into Africa via US Office

                    Rand Merchant Bank (RMB) is now operating from a New...

ALTON Hails NCC Chief, Umar Danbatta, for Quality Regulation of Telecom Sector

The Chairman of the Association of Licensed Telecoms Operators...

Africa, Middle East Tablet Market Declines 8.8%

The Middle East and Africa (MEA) tablet market declined...
spot_img

Related Articles

Popular Categories

spot_imgspot_img