BY CHIKA OKEKE, Abuja
The Chief Executive Officer of National Insurance Commission, NAICOM, Mr Olusegun Omosehin has informed insurance companies that the July 31 recapitalisation deadline remains sacrosanct and will not be altered.
To this end, he cautioned operators yet to meet the new minimum capital requirements to act fast, adding that recapitalisation exercise is a key component of NAICOM’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
Omosehin stated this over the weekend in Lagos at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN.
The new minimum capital requirement is intended to enhance insurers’ claims-paying capacity, strengthen their balance sheets, increase domestic risk retention and prepare the industry for the implementation of a risk-based capital regime.
Omosehin commended operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
He added: “However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.”
The CEO promised stakeholders that the commission would ensure a transparent, fair and firm verification process, adding that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He stated that stronger capitalisation should translate into prompt claims settlement, improved consumer protection, better service delivery and increased public confidence in the insurance industry.
Omosehin disclosed that the Nigerian Insurance Industry Reform Act, NIIRA 2025, had provided a stronger legal framework for a more resilient, better-governed and responsive insurance market.
The NAICOM boss noted that its reform agenda remained focused on market conduct, policyholder protection, corporate governance, insurance penetration, financial inclusion and responsible innovation.
He described professionalism as the foundation of a trusted insurance market, saying that industry growth depended not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
Omosehin praised the outgoing CIIN President, Mrs Yetunde Ilori for her visionary leadership and contribution to professional excellence and stakeholder engagement.
He also congratulated Orimolade on his election, describing the institute as a strategic body responsible for promoting professional excellence, technical competence, ethical conduct, education, certification and research in the insurance industry.
Omosehin urged the new CIIN president to focus on deepening professionalism and ethical standards, developing a sustainable talent pipeline through mentorship and stronger engagement with tertiary institutions.
He encouraged the new president to promote innovation in underwriting, claims management, cybersecurity and technology-driven insurance services.
The CEO pointed out that the institute should also support regulatory compliance by translating NAICOM’s regulatory expectations into professional competence while promoting boardroom accountability and market discipline.
He reaffirmed NAICOM’s commitment to partnering with the institute, noting that regulators, operators, professionals, academia and development partners must work together to build a vibrant, trusted, inclusive and globally competitive insurance industry.
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