Nigeria’s insurance capital requirement fair, says Ghana Commissioner

Ghana’s National Insurance Commissioner (NIC) Justice Yaw Ofori has described Nigeria’s insurance capital requirement as fair.According to him, there is no need to compare Ghana’s new minimum capital requirement with that of Nigeria’s as the country’s market is five times bigger than Ghana’s.He spoke with reporters on the sidelines of the just-concluded insurance industry yearly conference in Abuja.The NIC last month raised the insurance (life and non-life) companies’minimum capital to GH¢50million from GH¢15million;  reinsurance companies also went up to GH¢125million from GH¢40 million; and  insurance broking companies increased to GH¢500,000 from GH¢300,000. Reinsurance broking companies were, however, maintained at GH¢1million.The increase was by at least 233 percent; reinsurance companies 212.5 percent; and insurance broking companies by 66.7 percent. The deadline for meeting this requirement was slated for June 2021—two years from now.Earlier on May 20, this year, NAICOM raised paid-up share capital of a Life insurance company from N2 billion to N8 billion; Non-Life insurance from N3 billion to N10 billion and Composite insurance from N5 billion to N18 billion. Re-insurance companies on their part, were directed to raise their capital base from N10 billion to N20 billion.The increase was by 400 per cent (Life); 333.33 per cent (Non-Life); 360 per cent (Composite) and 200 per cent (Re-Insurance), while the insurance companies got a 13-month ultimatum to recapitalise or lose their licences.Following the announcement by Ghana NIC, insurance operators believed that Ghana insurance regulator was fairer to its operators, with lower capital requirement and longer time frame for the recapitalisation.But Ofori thinks otherwise. For him, the capital requirement as requested by NAICOM is fair for th ...Read more

Stratégie Capital Commissaire Million Convocation Emploi Economie Peuple Mère Date Limite Marché Offre Mobile Ooredoo partage Assurance Vie Population Justice Régulateur Augmentation Joueur Part jaime Droit Pays Conférence Industrie Mois Annonce Société Perdre Amer Souffrance Juin Cette Année Mai Le mois dernier Bon Soutien Nigeria Afrique Abuja Ghana

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