By Oluwakemi Kindness
The National Insurance Commission (NAICOM) has given insurance companies 14 days to meet the July 31, 2026 recapitalisation deadline, warning that the timeline is mandatory and will not be shifted.
Commissioner for Insurance, Olusegun Ayo Omosehin, issued the warning on Friday at the investiture of Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN).
Omosehin said the recapitalisation exercise is a key part of NAICOM’s reform agenda to build a stronger, more resilient insurance industry.
He said the new minimum capital requirement will improve insurers’ claims-paying capacity, strengthen their balance sheets and prepare the market for a risk-based capital regime.
“As at today, only 14 days remain to the July 31, 2026 recapitalisation deadline. The deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
The Commissioner commended operators that have raised fresh capital, attracted investors, improved governance and submitted documents for verification.
However, he said every insurer must demonstrate financial soundness and full compliance before the deadline.
He added that stronger capital should result in faster claims settlement, better customer service, stronger consumer protection and greater public confidence in insurance.
Omosehin said the Nigerian Insurance Industry Reform Act, 2025, provides a stronger legal framework for industry reforms.
He said NAICOM is focusing on market conduct, policyholder protection, corporate governance, insurance penetration, financial inclusion and responsible innovation.
He urged the new CIIN leadership to deepen professionalism, uphold ethical standards and build the next generation of insurance professionals through mentorship, research and continuous learning.
The Commissioner also called on the Institute to promote digital skills, data-driven underwriting, cybersecurity and efficient claims management to prepare practitioners for the future of insurance.
He reaffirmed NAICOM’s commitment to working with CIIN to strengthen professionalism, improve regulatory compliance and build a trusted insurance industry
