The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for its fair, transparent and structured implementation of the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 despite the staggered nature of the exercise that has put eight members on 14 days waiting period before they will receive business continuity licence.
The Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, in a statement today praised NAICOM’s structured approach — highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.
Mrs. Nwachukwu noted that the exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector.
She assure
