By Rosemary Iwunze
The National Insurance Commission (NAICOM) has warned insurance operators that the July 31 recapitalisation deadline is mandatory, urging companies yet to meet the new minimum capital requirements to act with urgency.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, gave the warning on Friday at the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.
Omosehin said the recapitalisation exercise remains a key component of the Commission’s reform agenda aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is intended to enhance insurers’ claims-paying capacity, strengthen their balance sheets, improve domestic risk retention and prepare the industry for a risk-based capital regime.
