The platform created for recapitalised reinsurance and insurance companies is now occupied by 43 firms that crossed the finish line before the set date. On account of this significant milestone, the National Insurance Commission (NAICOM), at its headquarters in Abuja, presented them new Licence Certificates having compiled successfully with the Commission’s new minimum capital requirements.
The Commissioner for Insurance (CFI) Olusegun Omosehin, congratulated the successful companies stating that the issuance of the new licences marks a significant milestone in the recapitalization programme signalling the beginning of a new regulatory era focused on stronger capitalisation, improved corporate governance, enhanced product innovation, and the Commission’s broad drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.
With what they have accomplished, the Commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country. He emphasised that the Commission has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalization programme positions the industry for the next phase of regulatory reform.
The next stage he announced would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.
The Commission reaffirmed its commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders and strengthen market confidence.
The Commission stated that issuance of the certificates mark the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
