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Lagos Court nullifies increase in paid up capital of insurance firms by NAICOM

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A Federal High Court in Lagos has ruled that 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.

In a judgment in the suit filed by rights activist and lawyer, Tope Alabi, the court also directed NAICOM to reverse itself on the increase in the statutory minimum solvency capital policy for Insurance companies.

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