NAICOM and PenCom Urge Stronger Institutions in Recapitalisation

The National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) called on insurance companies and pension fund operators to ensure that the ongoing recapitalisation process results in stronger institutions and improved service delivery for Nigerians. The insurance sector has completed its recapitalisation, while the pension sector's process is set to conclude in July 2027.

At the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors, Mr Olusegun Omosehin, the commissioner for insurance, stated that insurers should focus on strengthening their balance sheets and enhancing claims settlement beyond merely meeting minimum capital requirements. He urged operators to align their assets with liabilities and adopt disciplined investment policies.

Ms Omolola Oloworaran, Director-General of PenCom, warned pension fund operators who have not met recapitalisation requirements to comply urgently, emphasizing that recapitalisation is crucial for the resilience of these institutions and the financial security of Nigerians.