(Ecofin Agency) - Sunu Insurance Nigeria, subsidiary of Sunu Group, says it will wait until the compliance deadline set by the Nigerian insurance regulator is up, to raise its minimum capital threshold.
The company’s MD Samuel Ogbodu (photo), indicated that Sunu Insurance Nigeria will increase its capital to N10 billion as required by the National Insurance Commission (NAICOM) by June 2020. The fund will be mobilized from parent company Sunu Group.
The announcement comes a few weeks after that of insurer Wapic Insurance Plc, which, at the end of a Board of Directors meeting held last June, decided by mutual agreement with its shareholders to increase its capital to comply with NAICOM's requirements.
Let’s note the minimum capital requirement was set in May this year by the regulator. Insurance and reinsurance companies have a 13-month compliance period to strengthen their minimum capital base.