The National Insurance Commission (NAICOM) has issued a firm reminder to insurance firms that the July 31 deadline for meeting new capital requirements is final. Olusegun Ayo Omosehin, the Commissioner for Insurance, emphasized this necessity during the inauguration of Akinjide Oluwarotimi-Orimolade as the 53rd President of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.
Omosehin stated that this recapitalisation initiative is central to the regulator’s plan to foster a robust and consumer-centric sector. By increasing capital, firms are expected to bolster their balance sheets and improve their ability to pay claims, while facilitating a shift toward a risk-based capital framework. While acknowledging the efforts of companies already in the verification process, he insisted that the timeline is a strict regulatory requirement rather than a mere formality.
The Commission pledged to oversee a transparent verification process to ensure all participants are financially stable and operationally sound. Beyond capital, Omosehin highlighted that the long-term success of the industry relies on high ethical standards, professional competence, and the fair treatment of policyholders. The event also saw recognition for outgoing CIIN President Yetunde Olubumi Ilori for her leadership, alongside a call for continued growth under the incoming administration.
