Nigeria’s regulatory National Insurance Commission (NAICOM) has re-certified 71 insurance companies that met the commission’s condition to re-capitalise.
The companies included 43 that were approved to carry out general insurance, 26 for life insurance and two for reinsurance. Prior to the re-certification, there were 107 companies in the insurance sector. Under the reform in the sector, NAICOM gave the companies 18 months to raise their capital base to 2 billion naira for life insurance business, 3 billion naira for non-life insurance and 10 billion naira for re-insurance business (130 naira=US$1). The deadline for recapitalisation expired 28 February 2007.