New Insurance Act Triggers Fresh Industry Recapitalisation as NAICOM Inaugurates Committee

NAICOM has inaugurated a committee to oversee the recapitalization of the insurance industry in line with the Nigeria Insurance Industry Reform Act of 2020. The committee, chaired by NAICOM's Director of Supervision, Oluwatoyin Charles, is tasked with ensuring compliance with revised capital requirements and promoting transparency.

The Commissioner for Insurance, Olusegun Omosehin, emphasized the critical role of recapitalization in stabilizing the industry and contributing to the country's economy. The committee is expected to develop a roadmap, detailed plan, and guidelines for the industry, as well as identify incentives and concessions.

The industry had faced legal challenges in the past, but the committee aims to successfully deliver on its mandate to shape the future of the insurance sector and align with the government's vision of achieving a 1 trillion economy.