The Nigerian Reinsurance Corp. requires foreign insurance companies to reinsure 20% through the corporation. In 1976, the government took a 60% interest in foreign-owned insurance companies. The only compulsory insurance is that for motor vehicles. Laws of 1976 and 1977 regulate insurance firms, particularly those in the life insurance field, and provide for their registration, investigation, and minimum capitalization. The regulatory body is the Director of Insurance, under the Federal Ministry of Trade (Insurance Division). In 2001, there was $54 million of life insurance premiums written.
Comment about this article, ask questions, or add new information about this topic: