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Apr 2014 The National Insurance Commission (NIC) set the minimum capital at 5 million USD for insurers keen on underwriting risks related to the oil and gas industry. The capital remains at 1 million USD for any non life company not underwriting such risks.
Non life insurers had already made efforts to hold a minimum capital of one million USD. They state that they are all ready to recapitalize up to five million USD before the deadline of 31 December 2014.