The Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31st July 2025, mandates the recapitalisation of insurance and reinsurance companies. Section 15(1) prescribes minimum capital requirements as determined by the National Insurance Commission (NAICOM). Existing companies must comply within one year, and NAICOM will cancel licences of non-compliant firms and publish names of those that recapitalise.
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