NAICOM MAINTAINS JULY 31 RECAPITALISATION DEADLINE FOR INSURERS

The National Insurance Commission (NAICOM) has reaffirmed its commitment to the July 31 deadline for insurance companies to complete their recapitalisation exercise.

The Commission stated that the deadline remains firm and that all operators are expected to meet the stipulated capital requirements to strengthen the industry and enhance its capacity to underwrite larger risks. NAICOM officials noted that the recapitalisation is critical for improving the sector’s resilience and ability to contribute meaningfully to national development.

The regulator has been engaging with insurance companies to ensure smooth compliance and has provided necessary guidance throughout the process. NAICOM urged operators yet to meet the requirements to accelerate their efforts and explore available options for raising the needed capital.

Industry stakeholders have acknowledged the importance of the exercise while calling for continued support from the Commission to address any challenges. The move is expected to lead to a more robust and competitive insurance market in Nigeria.

NAICOM assured the public that it would continue to monitor the process closely and take appropriate actions to ensure full compliance by the set deadline.