Magazine date:
Jul 2019 
In accordance with the regulators' instructions, several Nigerian insurance and reinsurance companies have submitted their recapitalization plans to the National Insurance Commission (NAICOM) on time. The companies concerned are:AXA Mansard Insurance, Allianz Nigeria Insurance, SUNU Assurances, FBNInsurance, NEM Insurance, Cornerstone Insurance, LASACO Assurance, AIICO Insurance and Mutual Benefit Assurance.
NAICOM set the deadline for submitting the recapitalisation plans at August 20, 2019. The latter shall review the files received before September 17, 2019.
As a reminder, NAICOM has decided on a significant increase in the minimum capital [4] that will be raised:
- from 2 billion NGN (5.4 million USD) to 8 billion NGN (21.9 million USD) for life insurers.
- from 3 billion NGN (8.2 million USD) to 10 billion NGN (27.4 million USD) for non-life insurers.
- from 5 billion NGN (13.7 million USD) to 18 billion NGN (49.4 million USD) for composite insurers.
- from 10 billion NGN (27.4 million USD) to 20 billion NGN (54.9 million USD) for reinsurers.
Read also | Deadline extension of capital increase for Nigerian insurers [5]