NAICOM Issues New Licences to 43 Insurance Companies

The National Insurance Commission (NAICOM) presented new Licence Certificates to 43 insurance companies that successfully complied with the Commission’s new minimum capital requirements. This event took place in Abuja, where the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, congratulated the companies, stating that the issuance of these licences signifies a major milestone in the recapitalization programme.

Omosehin emphasized that this development initiates a new regulatory era focused on stronger capitalization, improved corporate governance, and enhanced product innovation. He urged the companies to utilize their enhanced capital base to foster innovation and deepen insurance penetration in Nigeria.

The Commissioner also announced that the next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, aligning insurers' capital levels with the risks in their business portfolios. The Commission reaffirmed its commitment to removing regulatory impediments while maintaining robust oversight to protect policyholders and strengthen market confidence.