The Chief Executive Officer, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, has warned insurance companies yet to meet the new minimum capital requirements that the July 31 recapitalisation deadline was mandatory and not symbolic.
Omosehin gave the warning on Friday in Lagos at the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN).
He said operators that were yet to comply should act with urgency to meet the regulatory requirement.
He described the recapitalisation exercise as a key component of NAICOM’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is intended to enhance insurers’ claims-paying capacity, strengthen their balance sheets, increase domestic risk retention and prepare the industry for the implementation of a risk-based capital regime.
“With about 14 days to the July 31 deadline, we commend operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
“However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
Omosehin assured stakeholders that the commission would ensure a transparent, fair and firm verification process, stressing that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He said stronger capitalisation should ultimately translate into prompt claims settlement, improved consumer protection, better service delivery and increased public confidence in the insurance industry.
He noted that the Nigerian Insurance Industry Reform Act (NIIRA 2025) had provided a stronger legal framework for a more resilient, better-governed and responsive insurance market.
The NAICOM boss said its reform agenda remained focused on market conduct, policyholder protection, corporate governance, insurance penetration, financial inclusion and responsible innovation.
Omosehin described professionalism as the foundation of a trusted insurance market, adding that industry growth depended not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
“A trusted insurance market cannot be built on capital alone. It requires competent professionals, ethical institutions, credible advice and fair treatment of policyholders,” he said.
The NAICOM boss commended the outgoing CIIN President, Mrs Yetunde Ilori, for her visionary leadership and contribution to professional excellence and stakeholder engagement.
He also congratulated Orimolade on his election, describing the institute as a strategic body responsible for promoting professional excellence, technical competence, ethical conduct, education, certification and research in the insurance industry.
Omosehin urged the new CIIN president to focus on deepening professionalism and ethical standards, developing a sustainable talent pipeline through mentorship and stronger engagement with tertiary institution.
He also urged the new president to promote innovation in underwriting, claims management, cybersecurity and technology-driven insurance services.
He said the institute should also support regulatory compliance by translating NAICOM’s regulatory expectations into professional competence while promoting boardroom accountability and market discipline.
The commissioner reaffirmed NAICOM’s commitment to partnering with the institute, stressing that regulators, operators, professionals, academia and development partners must work together to build a vibrant, trusted, inclusive and globally competitive insurance industry.
Meanwhile, the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Hon. Ahmadu Jaha, reaffirmed the National Assembly’s commitment to strengthening Nigeria’s insurance industry through legislation.
Jaha said this was aimed at improving regulation, consumer protection and insurance penetration.
He said the House of Representatives would continue to support legislative initiatives that promote innovation, attract investment and enhance public confidence in the insurance sector.
Jaha urged the new president to prioritise initiatives that would expand insurance awareness, embrace digital transformation, strengthen professional education, empower young insurance practitioners and promote research on emerging risks.
“The future of the industry depends greatly on visionary leadership that can bridge tradition with innovation while maintaining the highest standards of professionalism and integrity,” he said.
