NAICOM Issues Circular on Increase In Paid-Up Share Capital For Insurance Companies
On the 20th May 2019, the National Insurance Commission (NAICOM) issued Circular Number NAICOM/DPR/CIR/25/2019 titled “Minimum Paid-up Share Capital for Insurance and Re-Insurance Companies in Nigeria” (the Circular).
By the Circular, NAICOM communicates to all insurance and re-insurance companies as well as other stakeholders in the insurance industry that there is a new policy wherein the minimum paid-up share capital of the players in the insurance industry have been reviewed
upward by NAICOM; this is coming more than a decade after the last increase in share capital for insurance companies in Nigeria.
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