Guinea Insurance completes N1.5bn statutory deposit under new insurance reform law

GUINEA Insurance Plc says it has completed payment of the statutory deposit required under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a key milestone in its recapitalisation programme.

In a statement signed on Monday by Company Secretary Chinenye Nwankwo, the insurer disclosed that it had remitted the required statutory deposit to the Central Bank of Nigeria (CBN), raising its total statutory deposit balance to N1.5 billion.

The company said the amount represents 10 percent of the minimum capital requirement for non-life insurance companies as stipulated under the new insurance reform framework.

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According to the insurer, the development reflects its commitment to meeting all regulatory obligations within the timelines prescribed by the law.

Guinea Insurance described the completion of the statutory deposit as another important step toward strengthening its capital base and supporting its long-term strategic growth plans.

“The Company has fully complied with the statutory deposit requirement prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025,” the statement said.

The Board and Management of Guinea Insurance also thanked shareholders, policyholders, brokers, customers and business partners for their continued confidence and support.