Section 9: Requirements as to minimum paid-up share capital.

(1) No insurer shall carry on insurance business in Nigeria unless the insurer has and maintained, while carrying on that business, a paid-up share capital of the following amounts as the case may require, in the case of-
(a) life insurance business, not less than N150,000,000;
(b) general insurance, not less than N200,000,000;
(c) composite insurance business, not less than N350,000,000; or
(d) reinsurance business, not less than N350,000,000
(2) The paid-up share capital stipulated in subsection (1) of this section in the case of existing insurer-
(a) shall come into force on the expiration of a period of 9 months from the date of commencement of this Act; and
(b) may be subscribed to by the capitalization of undistributed profits as approved by the Commission.
(3) The Commission shall-
(a) cancel the registration of any insurer or reinsurer that fails to satisfy the provisions of subsections (1) of this section as it relates to the category of operation of such insurer or reinsurer ; and
(b) not later than 30 days after expiry of the period specified in subsection (2) of this section publish a list of all insurers and reinsurers that have complied with the provisions of this section.
(4) The Commission may increase from time to time the amount of minimum paid-up share capital stated in subsection (1).