All who have vested interests in the insurance market are all intensely involved in a first time recapitalisation exercise that gives uninterrupted powers to the National Insurance Commission without fear of court torpedo as was the case of prior exercises, and sundry workshops have been and are still being rolled out to offer leads to have seamless exercise.
That was what sprout at the EY Insurance Summit on the Nigerian Insurance Industry Reform Act 2025 held today at Radisson Blu Anchorage, Lagos, with Deputy Commissioner Technical, Dr. Usman Jankara, representing the Commissioner for Insurance and reminding attendees the workshop aligns with the Commission’s commitment to shape the future of insurance.
The CFI Olusegun Omosehin outlying all doings of the Commission from the time it set out on the business of implementing the new insurance law in all its ramifications with particular bias for recapitalisation as the foundation not the finish line, but the causeway to the destination, which is the final commencement of risk based capitalisation RBC.
Placing transparency and integrity as the hallmarks of MCR verifications and therefore, classified non-negotiable, the CFI said it was on account of that the Commission has partnered with the Big 4 audit firms to conduct independent verification of the MCR of all insurance companies. “What we are doing is akin to the scanner at airports. Every entity must pass through the scanner to validate the compliance with he MCR. Our partnership with the Big 4 firms ensures independent validation with the MCR in line with extant laws and regulations.”
NAICOM boss said there are regulatory expectations that would not be encumbered: full compliance with MCR timeliness and guidelines; transparent reporting and prompt submission of monthly progress returns; adoption of sound risk management frameworks and investment in technology for operational efficiency; and, commitment to prompt claims settlement and customer-centric practices.
Pulling attention to the Commission Omosehin cleared that, “The current management of NAICOM is fully committed to working with all stakeholders – insurers, reinsurers, brokers, loss adjusters, actuaries, auditors, and technology partners – to change the narrative of the Nigerian insurance industry. Our shared goal is a sector that is resilient, innovative, and globally competitive.”
He continued, “Distinguished leaders, NIIRA 2025 is our collective pact with the Nigerian people; a commitment to resilience, trust, and innovation. Compliance is only the beginning. Together, we must build an industry that is digitally native, ESG conscious, regionally competitive, and globally respected.
The NAICOM of today stands ready to guide, engage, and collaborate.”
Noting the frequency of such fora he reiterated, “As I said yesterday at another event, let us seize this moment, not as a regulatory burden, but as a strategic opportunity to redefine the future of insurance in Nigeria and across Africa.”
