The National Insurance Commission has warned insurance companies that the July 31, 2026 recapitalisation deadline is mandatory, stressing that all operators must satisfy the prescribed regulatory requirements before the expiration of the period.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, issued the warning during the investiture of Mr Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria.
Omosehin said only 14 days remained before the deadline and urged insurers to treat the exercise with the seriousness and urgency it deserved.
“As of 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.”
According to him, the recapitalisation programme is a major component of the ongoing transformation of Nigeria’s insurance industry and goes beyond merely satisfying a regulatory obligation.
He explained that the exercise is intended to produce stronger and financially sound insurance companies capable of settling claims promptly, retaining larger risks and preparing for the introduction of a risk-based capital regime.
Omosehin disclosed that several operators had made significant progress by raising fresh capital, engaging prospective investors, strengthening corporate governance and participating in NAICOM’s capital verification process.
He, however, maintained that every insurance company must demonstrate adequate financial strength, operational readiness and full compliance before the deadline.
“Our expectation is that every operator will demonstrate readiness, financial soundness and full compliance,” he said.
“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection and a market that Nigerians can trust.”
The commissioner added that the Nigerian Insurance Industry Reform Act 2025 had provided a stronger legal foundation for building a more resilient, properly governed and responsive insurance market.
He said NAICOM’s wider reform programme was designed to improve market conduct, protect policyholders, strengthen corporate governance and deepen insurance penetration across the country.
The reforms, he added, would also promote financial inclusion and responsible innovation while improving public confidence in the insurance industry.
