The proposed capital requirements in Nigeria’s Reform Insurance Bill spark debate, with the Nigerian Insurers Association opposing high thresholds, advocating for lower minimums, and emphasizing the need for deepening the local insurance market.
Transparent Protection Limited/Gte (TPL) opposes high minimum capital requirements in Nigeria’s Insurance Reform Bill 2024, advocating for accessible market conditions to foster competition and innovation.
The Insurance Reform Bill proposes fines up to ₦50 million or two years imprisonment for unlicensed insurance operations, aiming to curb fake policies and significant industry losses if enforced.
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