Ebere Nwoji

The commissioner for Insurance, Mr Olusegun Ayo Omosehin has given  an update on the  insurance sector’s preparation for  the on going recapitalisation  exercise that will migrate operators to a new capital regime.

He said NAICOM had completed review of recapitalisation plans submitted by operating firms and would commence official communication to individual firms on the outcome of its reviews very soon.

He gave the update at the Insurance Directors’ Annual Conference Organised by the College of Insurance and Financial Management (CIFM) in Ogun State.

He said  the  recapitalisation exercise which commenced with the assent of President Bola Tinubu on July 31, 2025, with a 12-month deadline ending July 31, 2026, was aimed at strengthening the financial soundness, stability, and competitiveness of the insurance sector in Nigeria.

Insurance firms were through the NIIRA 2025 mandated to upgrade their capital from N2billion to N10 billion for life underwriting firms, from N3 billion to N15 billion for firms underwriting general business, from N5billion  former capital, composite firms  were mandated to upgrade their capital to N25 billion.  While reinnsurers were equally mandated to upgrade their minimum capital from N10 billion to N35 billion. The capital is being upgraded under the Risk Base Capital model.