Nigeria Insurance Regulator Says 26 Companies to Recapitalize

LAGOS (Capital Markets in Africa) Nigeria’s National Insurance Commission approved the recapitalization plans of 26 insurance companies and directed them to proceed with their proposals to meet prescribed capital thresholds.

The commission asked 22 other companies to revise their own proposals and resubmit for further review, the Abuja-based agency said Thursday in an emailed statement.

Insurers combining life, property and casualties are to have a minimum capital of 18 billion naira ($50 million), while those underwriting only property and casualties are to meet a capital requirement of 10 billion naira. Insurers dealing with only life policies require a minimum capital of 8 billion naira. They have had until June next year to comply.