The National Assembly of Nigeria has proposed a penalty of N25 million for individuals found operating unlicensed insurance businesses in the country.
Some insurance firms in Nigeria have reportedly resorted to selling off their real estate assets, as the new recapitalisation deadline set by NAICOM draws nearer.
Sequel to its directive that mandated insurance and reinsurance firms to raise their capital base, NAICOM has issued a new circular.
President Muhammadu Buhari has thrown his weight behind NAICOM's commitment to recapitalise insurance firms in Nigeria's insurance sector.
Following the move by the National Insurance Commission (NAICOM) to mandate insurance firms to recapitalise, brokers may now have to distance themselves from doing business with financially-weak insurance firms.
Some stakeholders in the Nigerian insurance sector have expressed their willingness to consider mergers and acquisitions in light of the new capital base for the sector which was recently introduced by the National Insurance Commission (NAICOM).
The National Insurance Commission (NAICOM), has increased the minimum paid-up share capital of insurance and reinsurance firms.
Information has it that the capital base of insurance firms soon be increased to N15 billion. Insurance firms will also be mandated to recapitalise or merge in order to meet with this requirement.
NAICOM opens floor for new licenses to be granted to insurance firms under tier-1 category.
