NIA Commends NAICOM on Capital Requirements Implementation

The Nigerian Insurers Association (NIA) commended the National Insurance Commission (NAICOM) for its fair and structured implementation of the minimum capital requirements as mandated by the Nigerian Insurance Industry Reform Act 2025. In a statement released on Thursday, NIA Chairman Mrs Ebelechukwu Nwachukwu praised NAICOM’s approach, which included clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight.

This framework has enabled operators to navigate the recapitalisation exercise successfully. Nwachukwu emphasized that the exercise reflects NAICOM’s commitment to regulatory fairness and orderly market development, enhancing the financial capacity and global competitiveness of Nigeria's insurance sector.

She congratulated the 43 insurance and reinsurance companies that met the capital requirements, acknowledging their resilience and professional discipline. Nwachukwu also expressed solidarity with eight companies undergoing final verification, encouraging them to remain confident as NAICOM completes the review within 14 days.

She reaffirmed NIA's commitment to advocacy and collaboration with regulatory authorities during this transition.