NAICOM Urges Urgent Action on Insurance Recapitalization

The National Insurance Commission (NAICOM) has called on insurance operators to give urgent attention to the recapitalization deadline set for July 31. Olusegun Ayo Omosehin, speaking at the investiture ceremony for the 53rd president of the Chartered Insurance Institute of Nigeria (CIIN), warned that the deadline should be treated with the urgency it deserves.

He acknowledged the progress made by several operators in raising capital and engaging investors but stressed that the deadline is not merely a regulatory symbol. NAICOM remains committed to a transparent and fair process, expecting all operators to demonstrate financial soundness and compliance.

Omosehin emphasized that a stronger capital base would lead to improved service delivery and consumer protection in the Nigerian insurance market. Akinjid Orimolad, the new CIIN president, suggested three key focus areas: deepening professional ethics, raising industry standards, and emphasizing market discipline to enhance consumer fairness and professional development.