The Nigerian Senate has passed a bill raising the minimum capital base for insurance companies operating in the countryThe new bill raises the capital requirements to N45bn, N15bn, and N25bn for reinsurance companies, life insurance companies and general businesses, respectivelyThe approved bill also increases the fine penalty on unlicensed insurance companies operating from N250k to N25 million
The Nigerian Senate has passed the Insurance Reform Bill 2024 through the third reading,…
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