Recapitalisation deadline not negotiable, NAICOM warns insurers

The National Insurance Commission (NAICOM) has warned insurance companies that there are only 14 days left before the July 31, 2026 recapitalisation deadline, saying the exercise is mandatory and every operator must meet the regulatory requirements. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, gave the warning at the investiture of Mr. Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), where he said the recapitalisation programme is central to the ongoing transformation of the insurance industry. According to him, the recapitalisation exercise is not simply about complying with a regulatory requirement but about creating stronger insurance companies that are financially sound, able to settle claims promptly, retain larger risks and prepare for a risk-based capital regime. “As at today, only 14 days remain to the July 31, 2026 recapitalisation deadline,” he said. “The deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.” Omosehin said several insurance operators have already made significant progress by raising fresh capital, engaging investors, improving corporate governance and participating in the commission’s verification process. Related News Recapitalisation deadline not negotiable, NAICOM warns insurers NAICOM petitions IGP over fake Niger Insurance management NAICOM petitions IGP over fake Niger insurance management He, however, said NAICOM expects every operator to demonstrate financial strength, readiness and full compliance before the deadline. READ ALSO: Top 10 budgeting tips every student should know “Our expectation is that every operator will demonstrate readiness, financial soundness, and full compliance. A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” he said. The commissioner explained that the Nigerian Insurance Industry Reform Act 2025 has provided a stronger legal foundation for a more resilient, better-governed and responsive insurance market. He said NAICOM’s reform programme is aimed at improving market conduct, protecting policyholders, strengthening corporate governance, increasing insurance penetration, expanding financial inclusion and promoting responsible innovation across the industry.