NAICOM Sets Sail on Insurance Recapitalisation Drive
The National Insurance Commission (NAICOM) has officially launched a powerful new step towards transforming Nigeria’s insurance industry — the inauguration of a Recapitalisation Implementation Committee.
This move comes just a week after President Bola Ahmed Tinubu signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which consolidates and modernises outdated insurance laws into one robust legal framework.
The Committee’s Role
The newly inaugurated 11-member committee, chaired by Mrs. Oluwatoyin Charles, Director of Supervision at NAICOM, will:
• Develop a recapitalisation roadmap for the entire industry.
• Draft guidelines and circulars to guide the recapitalisation process.
• Recommend minimum capital requirements for operators.
• Identify incentives and concessions from other regulatory bodies.
• Ensure compliance with revised capital requirements.
• Promote transparency and integrity in capital inflows.
They will also submit monthly reports to NAICOM’s management and quarterly updates to the Governing Board and stakeholders.
Why This Matters
During the inauguration in Abuja, Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised that recapitalisation is vital for:
• Strengthening the financial stability of the sector.
• Positioning the industry to contribute meaningfully to Nigeria’s $1 trillion economy vision.
• Boosting public confidence in insurance.
He urged members to work with professionalism, diligence, and commitment to the common interest.
NIIRA 2025 — What’s New?
The new Act introduces sweeping reforms, including:
• Stricter capital requirements to ensure insurers are financially sound.
• Compulsory insurance policies to boost coverage and consumer protection.
• Digital transformation of the insurance market for better access and efficiency.
• Zero tolerance for claims payment delays.
• Policyholder protection funds, especially for insolvency cases.
• Stronger regional integration, including participation in the ECOWAS Brown Card System.
Big Picture
This recapitalisation programme is expected to reshape Nigeria’s insurance industry, making it stronger, more competitive, and more trusted by the public. NAICOM believes this step will secure the sector’s growth and stability for years to come.
Bottom line: With stronger capital requirements, better governance, and a modernised legal framework, this move could make Nigeria’s insurance market a much safer and more attractive space for both local and international players.
The National Insurance Commission (NAICOM) has officially launched a powerful new step towards transforming Nigeria’s insurance industry — the inauguration of a Recapitalisation Implementation Committee.
This move comes just a week after President Bola Ahmed Tinubu signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which consolidates and modernises outdated insurance laws into one robust legal framework.
The Committee’s Role
The newly inaugurated 11-member committee, chaired by Mrs. Oluwatoyin Charles, Director of Supervision at NAICOM, will:
• Develop a recapitalisation roadmap for the entire industry.
• Draft guidelines and circulars to guide the recapitalisation process.
• Recommend minimum capital requirements for operators.
• Identify incentives and concessions from other regulatory bodies.
• Ensure compliance with revised capital requirements.
• Promote transparency and integrity in capital inflows.
They will also submit monthly reports to NAICOM’s management and quarterly updates to the Governing Board and stakeholders.
Why This Matters
During the inauguration in Abuja, Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised that recapitalisation is vital for:
• Strengthening the financial stability of the sector.
• Positioning the industry to contribute meaningfully to Nigeria’s $1 trillion economy vision.
• Boosting public confidence in insurance.
He urged members to work with professionalism, diligence, and commitment to the common interest.
NIIRA 2025 — What’s New?
The new Act introduces sweeping reforms, including:
• Stricter capital requirements to ensure insurers are financially sound.
• Compulsory insurance policies to boost coverage and consumer protection.
• Digital transformation of the insurance market for better access and efficiency.
• Zero tolerance for claims payment delays.
• Policyholder protection funds, especially for insolvency cases.
• Stronger regional integration, including participation in the ECOWAS Brown Card System.
Big Picture
This recapitalisation programme is expected to reshape Nigeria’s insurance industry, making it stronger, more competitive, and more trusted by the public. NAICOM believes this step will secure the sector’s growth and stability for years to come.
Bottom line: With stronger capital requirements, better governance, and a modernised legal framework, this move could make Nigeria’s insurance market a much safer and more attractive space for both local and international players.