NAICOM Confirms No Extension for Insurance Recapitalization

The National Insurance Commission (NAICOM) has announced that the July 31, 2026, deadline for insurance firms to recapitalize will not be extended. Mr. Olusegun Ayo Omosehin, the insurance commissioner, emphasized that this deadline is sacrosanct and cannot be altered without legislative amendment, as stipulated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Currently, no single insurance firm has completed the recapitalization process. NAICOM has received official communications from at least 20 underwriting firms regarding their recapitalization efforts.

The commission has assigned an office to verify these reports within a three-week timeframe. Omosehin also noted that firms should explore mergers or acquisitions to meet the recapitalization requirements, as past experiences have shown that many firms struggle with operational liabilities.

The new capital requirements set by NAICOM include a minimum of N10 billion for life insurance firms, N15 billion for non-life firms, and N35 billion for reinsurers.