The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the commission’s revised minimum capital requirements, marking a major milestone in the recapitalisation of Nigeria’s insurance industry.
The certificates were presented at the commission’s headquarters in Abuja, where the Commissioner for Insurance (CFI) described the development as the beginning of a new regulatory phase focused on stronger capitalisation, improved corporate governance, innovation, and industry resilience.
The commissioner congratulated the compliant companies and urged them to leverage their stronger financial capacity to introduce innovative products, expand insurance penetration, and deliver improved value to policyholders.
He said the successful completion of the recapitalisation exercise would position the industry for greater competitiveness, while raising expectations for professionalism, operational efficiency, and better returns for investors.
The commission also announced that its next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, which will align insurers’ capital requirements with the risks associated with their business portfolios.
NAICOM said the framework is aimed at strengthening financial stability, improving solvency, protecting policyholders, and boosting confidence in the insurance market.
A total of 43 insurance companies that met the new capital requirements are expected to receive their licences as the commission begins a phased transition to higher capital standards designed to improve the sector’s capacity and claims-paying ability.
