Elumelu, who made the call on Monday in Abuja at the on-going National Insurance Conference 2023, organized by National Insurance Commission (NAICOM), proposed a N50 billion capital base for consolidated insurance companies, with general business N30 billion and life businesses N20 billion.
He also called for review of the dichotomy in Insurance authorisations/licences between life and non-life, adding that consolidated operators should have N50billion. “Let us use regulation to shape behaviour and enforce compliance.”
