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Top News In வீடு ஆஃப் பிரதிநிதிகள் குழு ஆன் காப்பீடு Today - Breaking & Trending Today

Insurance sector's assets hit N1.82tn on recapitalisation deadline – Punch Newspapers

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The insurance sector’s assets rose by N410bn in one year as the industry attracted new investors;
NIKE POPOOLA
reports
Despite the impact of COVID-19 pandemic on the economy, the insurance industry attracted some investments that boosted its assets, investigation has shown.
Many of the underwriting firms started sourcing for foreign investors to bring in new capital since the National Insurance Commission ordered the firms to beef up their capital requirements in 2019.
Figures obtained from the Central Bank of Nigeria’s report on ‘Insurance sector (general and life) consolidated balance sheet’ revealed that the industry’s asset rose by N410bn from N1.41tn as of the end of third quarter of 2019 to N1.82tn as of the end of third quarter of 2020. ....

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NAICOM, NIA disagree over recapitalisation of insurance firms

NAICOM, NIA disagree over recapitalisation of insurance firms
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By Rosemary Onuoha
The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing.
NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion. ....

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Nigeria: Improving Nigeria's Insurance Penetration Through Legislative Framework

Nigeria: Improving Nigeria's Insurance Penetration Through Legislative Framework
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Insurance Bill 2020: NIA opts for risk-based capital

Insurance Bill 2020: NIA opts for risk-based capital
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South Africa , Abuja Federal Capital Territory , Ganiyu Musa , Yetunde Ilori , Australia Prudential Regulatory Authority , European Union Directives On Minimum Capital Requirement , International Monetary Fund , National Insurance Commission , House Of Representatives Committee On Insurance , Nigerian Insurers Association , Risk Based Capital , Consolidated Insurance , Public Hearing , Consolidated Insurance Bill , Representatives Committee , Monetary Fund , Nigerian Insurance Industry , Capital Adequacy , Solvency Assessment Management , Kenyan Model , Gross Domestic Product , Insurance Bill , கூட்டாட்சியின் மூலதனம் பிரதேசம் , கனியு மூசா , ஆஸ்திரேலியா விவேகமான ஒழுங்குமுறை அதிகாரம் , ஐரோப்பிய தொழிற்சங்கம் வழிமுறைகள் ஆன் குறைந்தபட்சம் மூலதனம் தேவை ,

NIA canvasses introduction of risk-based capital

Ganiyu Musa. PHOTO: Innovation Village
The Nigerian Insurers Association (NIA) has recommended the introduction of risk-based capital to the Consolidated Insurance Bill, describing it as the right model for the insurance industry to align with the market to reposition for growth.
The Deputy Director, Corporate Communications, Human resources & Administration, NIA, Davis Iyasere, who spoke to The Guardian, noted that the recommendation was made during the association’s presentation at the two-day public hearing on the Consolidated Insurance Bill 2020 by the House of Representatives Committee on Insurance and Actuarial Matters in Abuja.
He said the Chairman of the Association, Ganiyu Musa, stated that in adopting the risk-based capital adequacy template, the Association took cognisance of the need to consider insurance, market, credit and operational risks as well as the need to apply such capital charges on assets and liabilities. ....

Abuja Federal Capital Territory , Davis Iyasere , Ganiyu Musa , International Monetary Fund , Corporate Communications , National Insurance Commission , House Of Representatives Committee On Insurance , Nigerian Insurers Association , Consolidated Insurance Bill , Deputy Director , Representatives Committee , Actuarial Matters , Monetary Fund , கூட்டாட்சியின் மூலதனம் பிரதேசம் , கனியு மூசா , சர்வதேச பண நிதி , பெருநிறுவன தகவல்தொடர்புகள் , தேசிய காப்பீடு தரகு , வீடு ஆஃப் பிரதிநிதிகள் குழு ஆன் காப்பீடு , நைஜீரியன் காப்பீட்டாளர்கள் சங்கம் , தொகுக்கப்பட்டு காப்பீடு ர சி து , துணை இயக்குனர் , பிரதிநிதிகள் குழு , இயல்பான விஷயங்கள் , பண நிதி ,