The National Insurance Commission and some other stakeholders in the insurance industry have said that the passage of the new Insurance Consolidated Bill by the Senate will lead to a bigger sector.
This is according to a statement by NAICOM and separate chats with stakeholders on Wednesday. On Tuesday, the Senate approved new minimum capital requirements for insurance companies in Nigeria as part of reforms to strengthen the industry and address emerging risks.
The legislation, titled the Nigeria Insurance Industry Reform Act, 2024, repeals and replaces several existing laws governing the sector.
It also introduces a risk-based regulatory framework and adjusts capital thresholds for insurance businesses.
The newly approved requirements peg the minimum capital for non-life insurance businesses at N15bn, life insurance businesses at N10bn, and reinsurance businesses at N35bn.
These figures mark a significant increase from the existing requirements of N3bn, N2bn, and N10bn, respectively.
