NAICOM Issues New Licences to Recapitalised Insurance Firms

On Wednesday, the National Insurance Commission (NAICOM) presented new Licence Certificates to 43 insurance companies that successfully complied with the Commission’s new minimum capital requirements at its headquarters in Abuja. The Commissioner for Insurance congratulated the companies, stating that this issuance signifies a major milestone in the recapitalization program.

He emphasized the importance of leveraging the enhanced capital base for innovation, product development, and increasing insurance penetration in Nigeria. The Commissioner outlined expectations for professionalism, operational efficiency, and improved returns on investment, noting that the recapitalization positions the industry for upcoming regulatory reforms.

He announced the implementation of the Risk-Based Capital (RBC) framework as the next major regulatory initiative, which will align insurers' capital levels with the risks in their business portfolios. NAICOM reaffirmed its commitment to removing regulatory barriers while ensuring robust oversight to protect policyholders and strengthen market confidence.