The insurance sector awaits with great anticipation the outcome of the industry recapitalisation exercise, with less than a fortnight to go before the 31 July deadline for insurers to meet new minimum capital requirements,
The National Insurance Commission (NAICOM) has declined to disclose the current extent of compliance by insurance companies, saying it would only issue a comprehensive statement only after the exercise ends. according to local media reports.
The Commissioner for Insurance and CEO of NAICOM, Mr Olusegun Ayo Omosehin, said, “The deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.”
He reiterated that recapitalisation is a key part of the Commission’s reform agenda aimed at building a stronger, more resilient and consumer-focused insurance industry.
NAICOM is verifying the new capital amounts of insurers that have said they have met the minimum requirement. It has commissioned the Big Four global audit firms to independently verify the capital positions of insurance companies to attest to compliance.