Lasaco Assurance Plc has announced the successful completion of its recapitalisation exercise after receiving official clearance from the National Insurance Commission.
The underwriting firm was listed among the 43 insurance companies approved by NAICOM in its recent regulatory review. This achievement marks a significant milestone in the company’s journey towards long-term financial stability, strict regulatory compliance and sustainable growth within Nigeria’s evolving insurance sector.
The recapitalisation exercise, mandated by NAICOM to bolster liquidity and operational capacity across the industry, raised the minimum capital requirements for underwriters.
Under the regulatory framework, minimum paid-up capital was increased from N2bn to N8bn for life business, N3bn to N10bn for general insurance, N5bn to N18bn for composite underwriters and N10bn to N20bn for reinsurance firms.
The directive aims to fortify the sector against economic shocks, enhance policyholder protection and deepen market penetration. Related News Senate moves to strengthen Nigeria’s financial system RMAFC orders NUPRC to dissolve disputed host community trust RMAFC gives NUPRC 48 hours to dissolve host community trust
