NAICOM Issues New Licences to Recapitalised Insurers, Signals New Regulatory Era
James Emejo in Abuja
The National Insurance Commission (NAICOM), yesterday said it has commenced the issuance of new licence certificates to insurance companies that successfully met the new minimum capital requirements, a move aimed at strengthening the sector’s financial resilience and global competitiveness.
The presentation of the new licences at the commission’s headquarters in Abuja marked the formal commencement of a phased transition to a higher capital regime designed to improve insurers’ financial capacity, solvency and claims-paying ability.
Speaking at the ceremony, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the exercise as a major milestone in the industry’s recapitalisation programme, adding that it ushers in a new regulatory era anchored on stronger capitalisation, sound corporate governance, product innovation and sustainable growth.
