NAICOM set to implement new Insurance Act 

By Henry Uche

National Insurance Commission (NAICOM) has constituted a 2025 Recapitalisation Committee, following President Bola Ahmed Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025. 

A statement delivered by the Commission confirmed that the Committee, chaired by Oluwatoyin Charles, Director of Supervision, would oversee the implementation of the recapitalisation program as its primary responsibility.

The recapitalisation program also includes ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.

The Commissioner for Insurance, Olusegun Ayo Omosehin, during the Committee’s inauguration in Abuja on August 12, emphasised the critical role of recapitalisation in stabilising the industry and its contribution to Nigeria’s $1 trillion economy vision.

He urged the 11-member Committee to approach their task with professionalism, diligence, and commitment to the common interest, assuring them of necessary support.

Some of the Key Terms of Reference for the Committee: To develop a Recapitalisation Roadmap. This involves creating a detailed plan for the Commission and the insurance industry.

Also, the Committee is to develop guidelines and circulars on recapitalisation, recommend the composition of Minimum Capital Requirements, and identify incentives and concessions that may be obtained from other regulatory authorities.

“The Committee will submit monthly progress reports to Management and provide quarterly updates to the Governing Board and stakeholders. NAICOM is confident that the Committee will successfully deliver on its mandate, shaping the future of Nigeria’s insurance sector.

“The Committee’s success is vital to the industry’s stability and growth, and NAICOM looks forward to collaborating with all stakeholders to achieve this objective. With the NIIRA 2025, NAICOM aims to position the insurance industry for greater transparency, innovation, and global competitiveness, aligning with the Federal Government’s vision of achieving a $1 trillion economy,” the statement added.