Insurance companies in Nigeria will soon witness an estimated 650 percent increase in new minimum capital requirements. This will be the case if the proposed 'Nigeria Insurance Industry Reform Bill 2024' bill scales through on the floor of the Senate.
Insurance companies in Nigeria will soon witness an estimated 650 percent increase in new minimum capital requirements. This will be the case if the proposed 'Nigeria Insurance Industry Reform Bill 2024' bill scales through on the floor of the Senate.
The Nigeria Insurance Industry Reform Bill, 2024 , largely sponsored by Mukhail Adetokunbo Abiru, chairman of, the Senate Committee on Banking, Insurance, and other Financial Institutions, alongside 41 other senators. Abiru, speaking in support of the bill, explained that the bill’s objective is to establish a comprehensive legal framework for regulating and supervising all types of insurance businesses in Nigeria.
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