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Outlining the benefits of the recapitalization exercise, the NAICOM chief stressed that it would strengthen solvency and underwriting capacity thereby enabling insurers to write bigger tickets and retain more risk locally.
The National Insurance Commission (NAICOM) of Nigeria has set a July 2026 as the deadline for issuance of licence to insurance and reinsurance companies that complied with the new Minimum Capital Requirement (MCR).
The Commissioner for Insurance, Olusegun Omosehin, disclosed this in a notice on Thursday Abuja. He said the date was also the final MCR compliance deadline for companies, adding that
He added that the commission would commence Risk Based Capital implementation for companies that have fulfilled the MCR, with adequate transition timelines given for compliance at the expiration of the deadline.
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Outlining the benefits of the recapitalization exercise, the NAICOM chief stressed that it would strengthen solvency and underwriting capacity thereby enabling insurers to write bigger tickets and retain more risk locally.