Insurers Credits NAICOM’s Clear Rules For Successful Recapitalisation

The Nigerian Insurers Association (NIA) has attributed the successful completion of the insurance industry recapitalisation exercise to the National Insurance Commission’s clear regulatory guidelines, structured implementation process and supervisory oversight.

In a statement, the chairman of NIA, Ebelechukwu Nwachukwu, said NAICOM’s disciplined and transparent approach provided operators with a credible framework to navigate the exercise, resulting in 43 insurance and reinsurance companies meeting the July 31, 2026 deadline.

Nwachukwu said the recapitalisation programme conducted under the Nigerian Insurance Industry Reform Act, NIIRA 2025, was guided by defined rules and timelines that enhanced compliance across the industry.

“The clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully,” she said.

She noted that the outcome reflects NAICOM’s commitment to regulatory fairness, market discipline and the orderly development of Nigeria’s insurance industry.

“This marks a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector,” Nwachukwu added.

The NIA chairman congratulated the 43 companies that met the new capital thresholds, describing the achievement as a reflection of resilience, professionalism and commitment to regulatory compliance.

According to her, a well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks and serve as a reliable pillar of national economic growth.

She said the industry will leverage the stronger capital base to drive sustainable growth, improve market conduct, deepen consumer trust and increase the sector’s contribution to the Nigerian economy.

Nwachukwu also expressed support for the eight companies currently undergoing final verification after submitting compliance documents close to the deadline. She urged them to remain confident as the review is expected to be concluded within the regulator’s stipulated timeline.

The NIA’s commendation comes as NAICOM begins enforcement under the new regime.

Meanwhile, the Commission revoked the operating licence of Nigeria Reinsurance Corporation after it failed to meet the N35 billion minimum capital requirement for reinsurers.

The regulator also froze the company’s bank accounts and appointed Dr Muiz Banire, SAN, as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

NAICOM had earlier confirmed that 43 insurers and reinsurers met the new requirements. Under NIIRA 2025, minimum capital was raised to N15 billion for non-life, N10 billion for life, and N35 billion for reinsurance companies.

Nwachukwu assured policyholders, investors and the business community that the sector would emerge from the exercise stronger, more resilient and better positioned to support financial stability.