The Corporate Affairs Commission (CAC), has pledged to support the Management of the National Insurance Commission (NAICOM) in its push for the recapitalization of the Insurance Sector.
This assurance was given when the Commissioner for Insurance, NAICOM, Mr. Ayo Omosehin, paid a courtesy visit to the Registrar General of the CAC, Barr. Hussaini Magaji SAN, at his office in Abuja.
NAICOM had set a recapitalization timeline of July 2026 for Nigerian Insurance Companies, following the July 31, 2025 presidential assent of the new Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The recapitalization, according to NAICOM, was aimed at strengthening the sector by aligning it with international standards, replacing the previous uniform capital requirement with a risk-based capital (RBC) framework, with failure to comply potentially leading to liquidation.
The meeting centered on discussing the implementation of the NIIRA 2025, with a focus on collaborative efforts to ensure a smooth transition.
The Commissioner for Insurance (CFI), Mr. Omosehin, expressed gratitude to the Registrar General for the warm reception and acknowledged the CAC’s management for their ongoing support and collaboration.
He highlighted key provisions of NIIRA 2025, emphasizing the importance of CAC’s support in meeting the 12-month timeline for recapitalization stipulated in the Act.
In response, the Registrar General thanked the CFI and reaffirmed his commitment to supporting President Bola Tinubu’s vision for a robust economy.
He noted the long-standing partnership between CAC and NAICOM in promoting the growth of the Nigerian economy.
The Registrar General assured the CFI of CAC’s support for the insurance industry reforms, pledging to collaborate with NAICOM to: Issue guidelines to facilitate the recapitalization process, enhance data exchange between the two agencies, and provide concessions and expedited clearance where necessary.
The visit, according to NAICOM, underscores the commitment of both agencies to work together in driving the growth and development of the insurance industry in Nigeria.
