Key points
- NAICOM says the July 31 recapitalisation deadline is mandatory for all insurers.
- The commission says stronger capital will improve claims payment and consumer protection.
- Operators yet to meet the new capital requirements have been urged to act quickly.
- NAICOM says the industry is preparing for a risk-based capital regime.
Main story
The National Insurance Commission (NAICOM) has warned insurance companies yet to meet the new minimum capital requirements that the July 31 recapitalisation deadline remains mandatory and will be strictly enforced.
Speaking in Lagos at the investiture of Akinjide Oluwarotimi-Orimolade as the 53rd President of the Chartered Insurance Institute of Nigeria (CIIN), NAICOM Commissioner for Insurance and Chief Executive Officer, Olusegun Omosehin, urged non-compliant operators to accelerate efforts to meet the regulatory requirement.
He described the recapitalisation exercise as a central element of the commission’s reform agenda aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to Omosehin, the new capital requirements are designed to strengthen insurers’ financial positions, improve their ability to settle claims, increase domestic risk retention and prepare the industry for the implementation of a risk-based capital framework.
While commending companies that had made significant progress in raising capital and completing the verification process, he stressed that the July 31 deadline was a regulatory obligation rather than a symbolic target.
Omosehin assured stakeholders that NAICOM would conduct a transparent and fair verification process, requiring every operator to demonstrate financial soundness, regulatory compliance and operational readiness.
He added that stronger capitalisation should translate into faster claims settlement, improved customer service and greater public confidence in the insurance sector.
The NAICOM chief also highlighted the Nigerian Insurance Industry Reform Act (NIIRA 2025) as providing a stronger legal framework to support governance, policyholder protection, financial inclusion, market conduct and innovation across the industry.
Beyond recapitalisation, he urged the newly inaugurated CIIN president to strengthen professional standards, promote ethical conduct, support talent development and encourage innovation in underwriting, claims management, cybersecurity and technology-driven insurance services.
Also speaking, Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Ahmadu Jaha, reaffirmed the National Assembly’s commitment to strengthening the insurance sector through legislation that promotes innovation, consumer protection and wider insurance adoption.
The issues
Nigeria’s insurance recapitalisation programme is intended to create stronger and more financially resilient insurers capable of retaining larger risks, improving claims settlement and supporting the industry’s transition to a risk-based regulatory framework.
What’s being said
“The deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.” — Olusegun Omosehin, Commissioner for Insurance and CEO, NAICOM
What’s next
Insurance companies that have yet to meet the new minimum capital requirements have until July 31 to complete the recapitalisation process before NAICOM concludes its verification and enforcement exercise.
Bottom line
NAICOM says stronger capital, improved governance and higher professional standards are essential to building a more resilient insurance industry capable of protecting policyholders and supporting Nigeria’s economic growth.
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