The National Insurance Commission (NAICOM) has presented new license certificates to insurance companies that successfully met the Commission’s new minimum capital requirements.
The Commissioner for Insurance, NAICOM, Mr Olusegun Omosehin, said this in a statement issued on Wednesday in Abuja.
Omosehin said the issuance of the new licences marked a significant milestone in the recapitalisation programme.
He said that the development signaled the beginning of a new regulatory era focused on stronger capitalisation, improved corporate governance, and enhanced product innovation.
He said it would help the commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.
The commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.
He said that the commission had high expectations for professionalism, innovation, operational efficiency, and improved returns on investment.
According to him, the successful completion of the recapitalization program will position the industry for the next phase of regulatory reform.
Omosehin further said that the commission’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework.
He said that it would be under the insurers’ capital levels to align with the risks inherent in their business portfolios.
He reaffirmed NAICOM’s commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders.
reports that a total of 43 insurance companies declared compliant were expected to receive their new licences from the commission.
This will help enhance the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
