By LOVETH-AZODO CHIJIOKE
The National Insurance Commission (NAICOM) has reiterated that insurance companies must comply with the July 31 recapitalisation deadline, warning that the exercise is a binding regulatory requirement aimed at strengthening the industry’s financial capacity and long-term stability.
Speaking on Friday at the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, said operators yet to meet the new minimum capital requirement should accelerate efforts to comply.
He described recapitalisation as one of the major pillars of the Commission’s reform agenda, noting that stronger capital would improve insurers’ ability to settle claims, reinforce their financial position, increase domestic risk retention and prepare the market for a risk-based capital framework.
Omosehin acknowledged that several operators had made notable progress in raising fresh capital, engaging investors, strengthening corporate governance and submitting to the Commission’s verification process. However, he stressed that with about two weeks to the deadline, compliance must be treated as a regulatory obligation rather than a symbolic exercise.
He assured industry stakeholders that the Commission would continue to implement the exercise through a transparent, fair and firm process, insisting that every insurer must demonstrate financial strength, regulatory compliance and operational readiness.
According to him, the objective of stronger capitalisation is to improve service delivery across the industry through prompt claims settlement, enhanced consumer protection and increased public confidence in insurance.
The Commissioner also said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has provided a stronger legal foundation for a more resilient, accountable and responsive insurance sector, adding that the Commission’s broader reform programme remains focused on governance, policyholder protection, market conduct, financial inclusion, insurance penetration and responsible innovation.
Turning to the role of professional institutions, Omosehin described professionalism as indispensable to the growth of the insurance industry, saying capital and regulation alone cannot build public trust without ethical conduct, competence and innovation.
He commended the outgoing President of CIIN, Mrs. Yetunde Olubumi Ilori, for what he called her impactful leadership and contribution to strengthening professional standards within the Institute and the insurance industry.
Congratulating Orimolade on his emergence as the Institute’s 53rd President, Omosehin described CIIN as a key institution responsible for advancing professional excellence, education, certification, research and ethical practice across the industry.
He urged the new leadership of the Institute to focus on strengthening professionalism and ethical standards, developing future industry leaders through mentorship and stronger engagement with tertiary institutions, and promoting innovation capable of improving underwriting, claims administration, cybersecurity awareness and technology-driven insurance services.
Omosehin also encouraged the Institute to continue supporting regulatory compliance by translating NAICOM’s expectations into professional competence while fostering stronger corporate governance and market discipline in the interest of policyholders.
He reaffirmed NAICOM’s commitment to working closely with CIIN and other stakeholders, saying regulators, operators, professionals, academia and development partners must continue collaborating to build a trusted, inclusive and globally competitive insurance industry.
He added that achieving that objective would require sustained improvements in market conduct, prompt claims settlement, deeper insurance penetration, sound corporate governance and responsible innovation, while wishing the new CIIN President a successful tenure and assuring him of the Commission’s continued support.
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