NAICOM Verifies Five Insurance Companies Post-Recapitalisation

The National Insurance Commission (NAICOM) has completed the verification of five out of eight insurance companies that were undergoing verification following the announcement of 43 companies that successfully met recapitalisation requirements. These eight companies had submitted their recapitalisation funds and documents before the July 31, 2021 deadline.

NAICOM is expected to confirm their recapitalisation status within two weeks from the announcement date. The Nigerian Insurers Association (NIA), through its Chairman Mrs. Ebelechukwu Nwachukwu, commended NAICOM for its transparent and structured approach in implementing the minimum capital requirements as mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Nwachukwu emphasized that NAICOM's clear regulatory guidelines, systematic verification, defined timelines, and rigorous oversight have provided a credible framework for operators, marking a significant milestone in enhancing the financial capacity and stability of the Nigerian insurance sector.