The National Insurance Commission (NAICOM) has given insurers and reinsurance companies a 12-month period to comply with the new minimum capital requirement (MCR).
The MCR was introduced by the Nigerian Insurance Industry Reform Act (NIIRA), 2025.
In a circular released in Abuja on Friday, it was said that any company that failed to meet the prescribed MCR within the stipulated period would be liquidated, merged, or any other regulatory resolution deemed appropriate by the commission would be considered.
The circular was signed by Usman Jankara, the Deputy Commissioner, Technical of NAICOM.
NIIRA 2025, recently assented to by President Bola Tinubu, introduced a higher MCR of N10 billion, N15 billion, N25 billion and N35 billion for life,…