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UNIC Insurance Nigeria Plc fails
#1 · April 21, 2021, 8:29 PM
UNIC Insurance Plc fails: "The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational license issued to UNIC Insurance Plc." More firms will go as the new capital requirement picks up.
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The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
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The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.