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NAICOM, NIA disagree over recapitalisation of insurance firms On By Rosemary Onuoha The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms. While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing. NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion.

South africaAbuja federal capital territoryRosemary onuohaGaniyu musaYetunde iloriAustralia prudential regulatory authorityEuropean union directives on minimum capital requirementInternational monetary fundNigeria content developmentNational insurance commissionHouse of representatives committee on insuranceNigerian insurance associationKindly share this storyRisk based capitalBased capitalPublic hearing