The bill provides an increase in the reinsurance of the insurance companies from â‚¦10 billion to â‚¦35 billion, while the non-life insurance was increased from â‚¦3 billion to â‚¦15 billion.

allAfrica

South Africa

Nigeria: Senate Passes Bill to Increase Minimum Capital of Insurance Firms By 400%

One of the main changes is the possibility for cooperative societies to operate any branch of private insurance, since they were only authorized to operate with agricultural, health and occupational accident insurance

Uma das principais mudanças é a possibilidade de sociedades cooperativas operarem qualquer ramo de seguros privados, tendo em vista que eram autorizadas apenas a atuar com seguros agrícolas, de saúde e de acidentes do trabalho

Lei que regulamenta cooperativas de seguro vai promover reforma no mercado, diz Susep

Globo

Roberto Irineu Marinho

Brazil

Law that regulates insurance cooperatives will promote market reform, says SUSEP

Media Bias/Fact Check

Amadou Mahtar Ba

The bill provides an increase in the reinsurance of the insurance companies from ₦10 billion to ₦35 billion, while the non-life insurance was increased from ₦3 billion to ₦15 billion. The post Senate passes bill to increase minimum capital of insurance firms by 400% appeared first on Premium Times Nigeria.

Premium Times Nigeria

Abuja

Municipal Area Coun

Federal Capital Territory

Nigeria

Senate passes bill to increase minimum capital of insurance firms by 400%

The Senate on Tuesday passed the Nigerian Insurance Industry Reform Bill, 2024.  The post BREAKING: Senate passes bill increasing minimum capital of all insurance companies in Nigeria   appeared first on Nairametrics.

Nairametrics

BREAKING: Senate passes bill increasing minimum capital of all insurance companies in Nigeria

The Senate has passed the 2014 Nigerian Insurance Industry Reform Bill, following the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions. By Kingsley Okoye The Senate has passed the 2014 Nigerian Insurance Industry Reform Bill, following the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions.  The report was presented by the committee’s chairman, Sen. Abiru…

Newsdiaryonline

Senate passes 2024 Nigerian Insurance Industry Reform Bill

The Senate on Tuesday passed for third reading the Nigerian Insurance Reform Bill, 2014.  This followed the consideration and adoption of a report of the  Committee on Banking, Insurance and other Financial Institutions presented by its Chairman, Sen. Adetokunbo Abiru (Lagos East), during plenary.  Senator Abiru explained that the bill consolidated various existing laws governing insurance in the country, including the Insurance Act (2003), Mari…

Daily Trust

Senate passes insurance industry reform bill - Daily Trust

The Nigerian Senate has passed the Insurance Reform Bill 2024, which raises the minimum capital base for insurance companies operating read more Senate passes bill proposing ₦45bn capital for re-insurance companies

Nnu.ng - Nigeria News Update.

Senate passes bill proposing ₦45bn capital for re-insurance companies

The Senate, on Tuesday, passed a bill seeking to increase the capital base of risk-based insurance companies in the country while reducing the figures earlier proposed in the bill. This followed the consideration and adoption of the recommendations in the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions on the Nigerian [...]

mediatalkafrica.com

Nigerian Senate sets new minimum capital requirement for insurance business

The Senate has passed the 2024 Nigerian Insurance Industry Reform Bill, designed to provide a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria. The bill consolidates various existing laws governing insurance in the country, including the Insurance Act (2003), Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigerian…

TheNigerialawyer

Senate Passes Insurance Reform Bill, Reduces Reinsurance Capital Requirement To N35bn - TheNigeriaLawyer

December 18, (THEWILL) – The Senate, on Tuesday, passed for third reading, a bill seeking to increase the capital base of risk-based insurance companies. This followed the consideration and adoption of the recommendations of the report of a bill for an act to repeal the Insurance Act, CAP. 127 laws of the Federal Republic of […]
The post Senate Sets New Minimum Capital Requirement For Insurance Companies appeared first on THEWILL NEWS MEDIA.

Nigeria: Senate Passes Bill to Increase Minimum Capital of Insurance Firms By 400%

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