The National Insurance Commission (NAICOM), is set to increase the minimum capital base of insurance firms underwriting Micro Insurance businesses from the present level of N40 million for unit, N100 million for state and N600 million for National Micro insurance firms to N3 billion. This is contained in the Nigeria Insurance Industry Act (NIIRA2025) on minimum capital base for operating firms. Though the commission had while spelling out the minimum capital base for life, at N10 billion,General business at N15 billion and reinsurers at N35 billion, it has been silent on what constitutes new minimum capital base for micro insurance...................…...READ MORE