Micro-insurers must deposit 10% minimum capital with CBN — NAICOM

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By Rosemary Onuoha

THE National Insurance Commission, NAICOM, has said that prospective microinsurers must maintain a statutory deposit of 10 percent of the minimum capital requirement with the Central Bank of Nigeria, CBN.

This is one of the highlights of the revised microinsurance guideline released by NAICOM last week.

NAICOM

The guidelines stated, “A microinsurer shall maintain with the Central Bank of Nigeria a statutory deposit of 10 percent of the minimum capital requirement.

The Commission also stipulated liquidity benchmarks for microinsurers, saying: “A unit microinsurer shall, in respect of its insurance business in Nigeria, maintain at all times a 50 percent liquidity margin being the excess of the value of its admissible current assets in Nigeria over its current liabilities in Nigeria.

“A state microinsurer shall, in respect of its insurance business in…



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