NIA Commends NAICOM Over Insurance Recapitalisation Exercise

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for what it described as the fair, transparent and structured implementation of the insurance industry’s recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

In a statement signed by the Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, on Wednesday, the association said NAICOM’s approach to the minimum capital requirement exercise provided operators with a credible framework to successfully comply with the new regulatory provisions.

Nwachukwu said the Commission’s use of “clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight” demonstrated its commitment to regulatory fairness and orderly market development.

She described the exercise as a significant milestone in strengthening the financial capacity, stability and global competitiveness of Nigeria’s insurance industry.

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“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy,” she said.

“A well-capitalized insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth,” Nwachukwu added.

The NIA chairman also congratulated the 43 insurance and reinsurance companies that successfully met the prescribed minimum capital requirements, praising their resilience, professionalism and commitment to evolving regulatory standards.

She further expressed support for the eight insurance companies currently undergoing final verification and regulatory review, urging them to remain optimistic as NAICOM concludes the exercise within the stipulated 14-day period.

Nwachukwu reaffirmed the association’s commitment to supporting all its member companies throughout the transition, noting that the NIA would continue to serve as a platform for advocacy, collaboration and constructive engagement with regulators.

She also assured policyholders and the business community that the recapitalisation exercise has positioned the Nigerian insurance industry to become stronger, more resilient and better equipped to contribute to the country’s financial stability and economic growth.