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.

Hot this week

Sovereign Trust Insurance Receives Recapitalisation Certificate from NAICOM

Sovereign Trust Insurance Plc (STI), one of Nigeria’s leading...

SanlamAllianz Nigeria Launches Proud Moments 2.0, Celebrates Achievements Worth Protecting

Riding on the resounding success of its foundational debut,...

Insurance Meets Tech 5.0 Now Holds on November 20, 2026

Insurance Meets Tech (IMT), Nigeria’s leading platform for conversations...

Sanwo-Olu, Lai Mohammed, Gbenga Daniel to Discuss 2027 Elections, Insecurity at 7th Freedom Online Lecture

Challenges facing the economy and insecurity, especially associated with...

AXA Mansard Intensifies Hepatitis Awareness with Free Community Screening

As part of efforts to promote preventive healthcare and...

Topics

Verve Unveils the ‘Good Life’ Consumer Promo Sept 1

Africa’s leading payment technology and card business, Verve International,...

Facebook CyberXchange Hackathon Berths in Nigeria

First ever CyberXchange Hackathon sponsored by Facebook to touch...

NAICOM, ISAN Explore Collaboration on Insurance Regulation, Growth in Nigeria

  Members of the Independent Shareholders Association of Nigeria (ISAN)...

PenOp Appoints Anthonia Okoro as Chief Executive Officer

Pension Fund Operators Association of Nigeria is pleased to...

2020: Nigeria’s Flaring Reduction Target

A recent two-day seminar organised jointly by the government...