Abuja: The National Insurance Commission (NAICOM) has presented new licence certificates to insurance companies that successfully met the Commission’s new minimum capital requirements. The Commissioner for Insurance, NAICOM, Mr. Olusegun Omosehin, stated in a statement issued on Wednesday that the issuance of the new licences marked a significant milestone in the recapitalisation programme.
According to News Agency of Nigeria, Omosehin noted that the development signaled the beginning of a new regulatory era focused on stronger capitalisation, improved corporate governance, and enhanced product innovation. He mentioned that this initiative would support the commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria. Omosehin urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country, setting high expectations for professionalism, innovation, operational e
fficiency, and improved returns on investment.
Omosehin further stated that the successful completion of the recapitalisation programme will position the industry for the next phase of regulatory reform. He highlighted that the commission’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, which will align insurers’ capital levels with the risks inherent in their business portfolios. He reaffirmed NAICOM’s commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders.
The News Agency of Nigeria reports that a total of 43 insurance companies declared compliant were expected to receive their new licences from the commission. This move is aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.