The National Insurance Commission withdraws license from undercapitalized companies

Remi Babalola, the Nigerian finance minister, has requested the National Insurance Commission to withdraw the license of all companies that did not abide by the law. The enhancement of legislation governing insurance should enable the regulatory authority to be more effective and even more capable of meeting the market needs.

The committee in charge of reviewing insurance code has on its part called for more rigor and firmness toward offenders, more responsibility on part of players and has proposed provisions designed to combat fraud.