After eight years of suspending the issuance of new operating licences to investors to start new life, non-life and composite insurance companies in Nigeria, the National Insurance Commission on Tuesday lifted the ban.
It however restricted the new licence issuance to investors interested in Tier 1 insurance companies requiring capital base of N6bn, N9bn and N15bn for life, non-life and composite insurance companies, respectively.
The commission stated, “The National Insurance Commission, being theregulatory authority of the insurance sector in Nigeria, hereby announces that in line with the recently introduced Tier-Based Minimum Solvency Capital Policy, new licences are now availablefor Tier 1 level in both the life and non-life business categories.
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