The National Insurance Commission says the ongoing recapitalisation will redefine the future of the insurance market clearly stating that the recapitalisation is not the end; it’s the beginning of a new era from 30th July 2026, the final compliance deadline and issuance of licence to companies that have complied with the MCR.
Placing the Commission as a partner in the process, the regulator said, “NAICOM stands ready to facilitate this journey through guidance, engagement, and collaboration. We urge every stakeholder here to embrace this moment , not as a regulatory burden, but as a strategic oppotunity to redefine our industry’s future.”
That ‘moment’ was at Continental Re Roundtable held on 26th November 2025 at the Continental Re Centre, Lagos, where Dr. Usman Jankara delivered goodwill message on behalf of the Commissioner for Insurance,
The CFI Olusegun Omosehin pushing further said, “Together, let us move beyond solvency to resilience, beyond compliance to competitiveness, and beyond borders to continental leadership, and above all beyond minimum capital requirement MCR to risk based capital RBC.
Noting the importance of of the first step, MCR, Omosehin said, “It is the foundation upon which we will build a resilient, innovative, and globally competitive insurance sector.”
Reiterating the commitment to the new era, he cleared, “Our ultimate goal is competitiveness and adaptability, not mere compliance. This requires transparency and trust, especially in claims settlement, alignment of policy, capital, and innovation to support national economic stability, and a shared commitment to transform insurance from a peripheral service to a pillar of Nigeria’s economic resilience.”
Seeing the market through the lens of current minimum capital requirement, NAICOM Boss paints emerging collaboration, and holds firm that it would reshape the industry “It will lead to strategic mergers and acquisitions, creating stronger entities.”
