Cleanup of the insurance industry

The Nigeria Insurers' Association (NIA) has set up the Rate Review Panel Committee whose task is to oversee underwriting and competition regulations between insurers. At the same time, the National Insurance Commission (NAICOM) confirms and maintains February 27, 2004 as a buffer date, in tune with the Insurance Act 2003 provisions, to bring back the minimal capital

• of reinsurance companies and life and non-life insurers to 2.5 million USD
• of non-life insurers to 1.5 million USD
• of life insurers to 1.1 million USD