NAICOM regulatory compliance, Claims litigation, & Reinsurance advisory
Nigeria\'s insurance sector operates under robust NAICOM capital and compliance guidelines. Medina Law Associates & Co. provides market-leading regulatory and litigation support to insurance underwriters, brokerage firms, and corporate policyholders seeking enforcement of policy terms.
We assist clients with licensing approvals, capital recapitalization structures, and reinsurance contract reviews. Our commercial litigation division handles massive claim disputes, subrogation actions, and liability defense in superior courts and arbitration panels.
NAICOM Licensing & Audits
We guide insurance brokers and underwriting entities through licensing protocols, corporate mergers, and NAICOM compliance reviews.
Claims & Reinsurance Disputes
We litigate complex coverage denials and represent underwriters in international reinsurance arbitration and debt recovery cases.
Our Core Capabilities
- NAICOM licensing, registration, and recapitalization support.
- Representation in high-value claim dispute litigations.
- Drafting and advising on reinsurance treaty structures.
- Subrogation recovery litigations for insurers.
- Advisory on insurance mergers, acquisitions, and compliance.
Frequently Asked Questions
The National Insurance Commission (NAICOM) is the primary regulatory body that establishes standards, licenses insurers and insurance brokers, monitors financial solvency, and protects policyholders across Nigeria.
Under NAICOM regulations, minimum capital requirements depend on the sector: Life Insurance requires 8B NGN, General Insurance requires 10B NGN, Composite Insurance requires 18B NGN, and Reinsurance firms require 20B NGN.
A policyholder can appeal the denial internally with the insurer, file a formal complaint with NAICOM\'s Complaints Bureau, or initiate a commercial lawsuit or arbitration for breach of contract.
Reinsurance is insurance purchased by an insurance company to protect against catastrophic losses. It is legally structured through complex treaty or facultative agreements to distribute risk globally and ensure solvency.
