Steep targets set for insurance firms

Friday, June 21, 2019

New Insurance Industry Act regulations have raised the minimum capital requirement for insurance firms by up to five times in some instances, as the regulator seeks to protect policyholders.

The new regulations are in line with the Non-Bank Financial Institutions Regulatory Authority’s (NBFIRA) push for a risk-based supervisory regime.

Although the regulations kicked into effect on May 17, insurers have been given a 12-month grace period to raise their minimum capital targets to the level required by the new law.

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