NAICOM Reiterates Insurance Recapitalization Deadline

The National Insurance Commission (NAICOM) has insisted on the recapitalization deadline for insurance companies, which is set for July 31, 2026. Mr. Olusegun Ayo Omosehin, a representative of NAICOM, warned that every insurance operator must meet regulatory requirements to ensure financial soundness.

The recapitalization exercise is aimed at transforming the insurance industry, making it capable of settling claims promptly and retaining larger risks. As of today, there are 14 days remaining until the deadline.

Omosehin noted that while some insurance operators have made significant progress in raising fresh capital and engaging investors, NAICOM expects all operators to demonstrate financial strength and readiness for full compliance by the deadline. The Nigerian Insurance Industry Reform Act 2025 is also mentioned as providing a stronger legal foundation for better governance and responsiveness in the insurance market, with NAICOM's reform program focusing on improving market conduct and increasing insurance penetration.