The National Insurance Commission (NAICOM) cannot increase the statutory minimum solvency capital policy for Insurance companies without the National Assembly amending the Insurance Act and Regulation 2003. That’s the order of Justice Chukwujeku Aneke of the Federal High Court sitting in Lagos. He made the order in a judgment delivered on July 14, 2022, in a suit between a legal practitioner, Tope Alabi, who is the plaintiff, and the NAICOM and the Attorney-General of the Federation (AGF) who were listed as first and second defendants. The suit followed NAICOM’s announcement…
Read MoreNAICOM Cannot Unilaterally Increase Firms’ Paid Up Share Capital – Court
