The National Insurance Commission (NAICOM) on Tuesday presented new Licence Certificates to the newly recapitalized insurance companies effectively marking the take off of the new era in the industry in the country.
On August 1, the apex sector regulator announced that a total of 43 insurance and reinsurance companies successfully met the July 31, 2026 deadline for achieving the Minimum Capital Requirements set for operators in the insurance sector.
Apart from the 43, the Commission said an additional eight companies that submitted evidence of compliance shortly before the statutory deadline of July 31, may, in the next two weeks, be included in the list after the final verification and regulatory review of their submissions.
At the presentation ceremony, the Commissioner for Insurance (CFI) congratulated the successful companies saying the issuance of the new licences marks a significant milestone in the recapitalization programme.
The presentation of the certificates, he said, signals the beginning of a new regulatory era focused on stronger capitalization, improved corporate governance, enhanced product innovation, and the Commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.
The Commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.
The Commission, he said, has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalization programme has positioned the industry for the next phase of regulatory reform.
He further announced that the Commission’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their business portfolios.
Reaffirming the Commission’s
commitment to removing regulatory impediments where appropriate, the Commissioner said the agency would maintain robust oversight and enforcing standards that protect policyholders and strengthen market confidence.
The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
