- 1 Marks
Question
In life insurance, no insurer can carry on the business of life insurance except it has and maintains a paid-up share capital of _____________________.
Answer
N2 billion
Explanation: Under Nigerian insurance regulations, life insurance companies are required to maintain a minimum paid-up share capital of N2 billion to ensure financial stability and protect policyholders’ interests.
- Tags: Capital requirement, Insurance Law, Life Insurance, Short Answer
- Level: Level 1
- Topic: Agency Law
- Series: NOV 2013
- Uploader: Theophilus