The Senate on Tuesday passed a bill seeking to increase the minimum capital for insurance companies operating in Nigeria from ₦2 billion to ₦10 billion, a 400 per cent increase.
The bill also provides an increase in the reinsurance of the insurance companies from ₦10 billion to ₦35 billion, while non-life insurance was increased from ₦3 billion to ₦15 billion.
It was sponsored by Adetokunbo Abiru (APC, Lagos East), the chairman of the Senate Committee on Banking, Insurance and other Financial Institutions.
