The National Insurance Commission (NAICOM) has reaffirmed that it will not extend the July 31, 2026 deadline for the insurance industry’s recapitalisation exercise, insisting that the timeline is backed by the provisions of the newly enacted Nigeria Insurance Industry Reform Act.
With just days remaining before the deadline, the insurance regulator urged operators yet to conclude their capital-raising efforts to treat the process with urgency, describing the recapitalisation programme as a critical step toward strengthening the industry’s financial resilience and improving consumer confidence.
Speaking at the investiture of Akinjide Oluwarotimi-Orimolade as the 53rd President of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Olusegun Omosehin, the commissioner for Insurance, said the exercise goes beyond meeting regulatory requirements and should ultimately result in better value for policyholders.
According to him, stronger capital positions must translate into improved service delivery, faster claims settlement, enhanced consumer protection and a more trustworthy insurance market.
“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” Omosehin said.
He added that the future of the insurance industry would depend not only on capital adequacy but also on leadership quality, professional competence and discipline in protecting the public interest.
The recapitalisation exercise gained legal backing following President Bola Tinubu’s assent to the Nigeria Insurance Industry Reform Act, which repealed the Insurance Act of 2003 and introduced new minimum capital requirements for insurance operators.
NAICOM has consistently maintained that the implementation timeline is prescribed by law, leaving no room for an extension beyond July 31.
The Commission also reaffirmed its commitment to ensuring that the recapitalisation exercise is conducted in a transparent, fair and firm manner while continuing to collaborate with the Chartered Insurance Institute of Nigeria to strengthen professionalism across the industry.
Congratulating Orimolade on his emergence as CIIN President, Omosehin described him as an accomplished insurance professional whose commitment to continuous learning and industry development positions the institute to provide effective leadership at a pivotal period for the sector.
He urged the new CIIN Council to focus on raising professional and ethical standards, strengthening leadership development and mentorship programmes for young professionals, and equipping practitioners with skills needed to drive digital transformation, data-driven underwriting, cybersecurity and inclusive insurance distribution.
The Commissioner further called on the institute to align its professional development programmes with NAICOM’s regulatory expectations by expanding compliance education, corporate governance training and continuous professional development initiatives.
He also encouraged the institute to reinforce ethical standards across the market, promote fair treatment of policyholders, support prompt claims settlement and assist the Commission in identifying compliance gaps as insurers prepare to operate under the new regulatory framework.
